Reference no: EM131547676

Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE) 2017 2016 Amount Percent Gross sales $ 19,800 $ 15,600 $ Sales returns and allowances 900 100 Net sales $ 18,900 $ 15,500 $ Cost of merchandise (goods) sold 11,800 8,800 Gross profit $ 7,100 $ 6,700 $ Operating expenses: Depreciation $ 780 $ 640 $ Selling and administrative 2,800 2,400 Research 630 540 Miscellaneous 440 340 Total operating expenses $ 4,650 $ 3,920 $ Income before interest and taxes $ 2,450 $ 2,780 $ Interest expense 640 540 Income before taxes $ 1,810 $ 2,240 $ Provision for taxes 724 896 Net income $ 1,086 $ 1,344 $ LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017 2017 2016 Amount Percent Amount Percent Assets Current assets: Cash $ 12,300 $ 9,400 Accounts receivable 16,900 12,900 Merchandise inventory 8,900 14,400 Prepaid expenses 24,400 10,400 Total current assets $ 62,500 $ 47,100 Plant and equipment: Building (net) $ 14,900 $ 11,400 Land 13,900 9,400 Total plant and equipment $ 28,800 $ 20,800 Total assets $ 91,300 $ 67,900 Liabilities Current liabilities: Accounts payable $ 13,400 $ 7,400 Salaries payable 7,500 5,400 Total current liabilities $ 20,900 $ 12,800 Long-term liabilities: Mortgage note payable 22,200 20,900 Total liabilities $ 43,100 $ 33,700 Stockholders’ Equity Common stock $ 21,400 $ 21,400 Retained earnings 26,800 12,800 Total stockholders’ equity $ 48,200 $ 34,200 Total liabilities and stockholders’ equity $ 91,300 $ 67,900.