**LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $19,000 $15,000 1,000 100 $18,000 $14,900 12,000 9,000 $ 6,000 $ 5,900 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 $ 700 $ 600 2,200 2,000 550 500 360 300 $ 3,810 $ 3,400 $ 2,190 $ 2,500 560 500 $ 1,630 $ 2,000 640 800 $ 990 $ 1,200 Net income Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment $12,000 $ 9,000 16,500 12,500 8,500 14,000 24,000 10,000 $61,000 $45,500 $14,500 $11,000 13,500 9,000 $28,000 $20,000 $89,000 $65,500 Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities $13,000 $ 7,000 7,000 5,000 $20,000 $12,000 22,000 20,500 $42,000 $32,500 Stockholders' Equity Common stock Retained earnings $21,000 $21,000 26,000 12,000 Total stockholders' equity Total liabilities and stockholders' equity $ 47,000 $33,000 $89,000 $65,500 Calculate the current ratio. (Round your answers to the nearest hundredth.) 2018 2017 Current ratio