Question

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 Amount 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $ 19,000 15,000 100 $ 18,000 $14,900 9,000 1,000 12,000 $ 6,000 5,900$ Depreciation Selling and administrative Research Miscellaneous 600 2,200 2,000 500 300 S 3,810 3,400 2,190 2,500 500 S 1,630 2,000 $ 800 S 700 550 360 Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 560 640 $ 990 1,200$

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Answer 1

COMPARATIVE INCOME STATEMENT Increase (Decrease Amount Percent 2017 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise Gross Profit Operating expenses: $19,000 | $15,000 | 4,000 | 27% S1,000$100 $18,000 | $14,900 | 3,100 | 21% $12,000| $9,000 | 3,000 | 33% s sold $6,000$5,900 100 $700 2,200$2,000 200 $550 $360 $3,810$3,400410 $2,190$2,500310 $560 $1,630 $640 $990$1,200210 17% 10% 10% 20% 12% 12% Depreciation Selling and administrative Researclh Miscelleneous 100 50 300 Total operating expenses Income before interest and taxes Interest expenses Income before taxes Provision for taxes Net Income 500 2,000 370 1996 20% 18% 2017 2016 Amoun Percent Amount Percent Assets Current assets $12,000| 1396 $16,50019% $8,500 $24,000| 27% $61,000| 69% |$45,500| 69% Cash Accounts receivable Merchandise inventory Prepaid expenses 14% 12500 | 19% 14000 | 21% 15% 10000 Total current assets Plant and Equipments $14,500 $13,500| 15% $28,000| 31% | $20,000| 31% $89,000 | 100% | $65,500| 100% Building (net) | 16% 1796 14% 11000 Total plant and equipments Total assets Liabilities Current liabilities Accounts payable Salaries payable $13,000| 15% | 7000 | 11% $7,000 $20,000| 22% | $12,000| 18% 5000 Total current liabilities Long term liabilities $22,000| 25% | 20500 | 3196 $42,000| 47% | $32,500| 50% Mortgage notes payable Total liabilities Stockholders' equity Common stock Retained earnings $21,000| 24% | 21000 | 32% $26,000| 29% | 12000 | 18% 47,000| 53% | $33,000| 50% $89,000 | Total stockholders' equity 100% | $65,500 | 100% Total liabilities and stockholders' equity