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2019 $15,000 100 $14,900 9,000 $ 5,900 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $19,000 Sales returns and allowances 1,000 Net sales $18,000 Cost of merchandise (goods) sold 12,000 Gross profit $ 6,000 Operating expenses: Depreciation $ 700 Selling and administrative 2,200 Research 550 Miscellaneous 360 Total operating expenses $ 3,810 Income before interest and taxes $ 2, 190 Interest expense 560 Income before taxes $ 1,630 Provision for taxes 640 Net income $ 990 $ 600 2,000 500 300 $ 3,400 $ 2,500 500 $ 2,000 800 $ 1,200 2020 2019 $12,000 $9,000 16,500 12,500 8,500 14,000 24,000 10,000 $61,000 $45,500 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 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 $ 14,500 $11,000 13,500 9,000 $28,000 $20,000 $89,000 $65,500 $13,000 $ 7,000 7,000 5,000 $20,000 $12,000 22,000 20,500 $ 42,000 $32,500 $21,000 $21,000 26,000 12,000 $ 47,000 $33,000 $89,000 $65,500 Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Current ratio