LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $22,200 $17,490 900 100 $21,300 $17,300 11, 208 8,85e $19, 100 $ 9, 250 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ 1,20 $ 760 4,600 3,600 870 668 680 468 $ 7,179 $ 5,480 $ 2,938 $ 3,778 880 660 $ 2,650 $ 3, 110 829 1,244 $ 1,238 $ 1,866 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $11,980 $ 8,900 16,480 12,400 8,400 13,980 23,900 9,900 $68,680 $45,100 $14,480 $10,980 13,400 8,989 $27,800 $19,800 $88,480 $64,900 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $12,980 $ 6,990 6,980 4,989 $19,880 $11,820 21,9ee 20,400 $41,780 $32, 280 $29,980 $21,800 25,888 11,780 $46,780 $32,780 $88,480 $64,980 Calculate the acid test ratio. (Round your answers to the nearest hundredth.) 2018 2017 Acid test ratio