LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $23,800 $18,600 1,000 1ee $22,888 $18,500 10,800 7,200 $12,000 $11,300 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 $ 1,189 $ 84e 5,800 4,400 1,030 740 840 540 $ 8,850 $ 6,520 $ 3,150 $4,789 1,040 740 $ 2,119 $ 4,040 844 1,616 $ 1,266 $ 2,424 Net income LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $11,189 $ 8,100 15,600 11,680 7,680 13,1ee 23,188 9, 100 $57,4ee $41,900 $13,600 $10,200 12,600 8,100 $26,200 $18,300 $83,688 $60,200 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 $12,188 $ 6,100 6,188 4, 10e $18,200 $10,200 21,180 19,600 $39,300 $29,800 $20,100 $20,100 24,288 10,3ee $44,300 $30,400 $83,689 $60,200 Calculate the acid test ratio. (Round your answers to the nearest hundredth.) 2018 2017 Acid test ratio