Need help figuring out these blanks, please. Thank you. Complete the comparative
ID: 2592429 • Letter: N
Question
Need help figuring out these blanks, please. Thank you.
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 Percent Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profft Operating expenses: 24,000 S18,750 100 S 23,100 18,650 7,100 S12,350 11,550 900 10,750 $ 1,200 S850 4,500 750 550 $ 9,060 S 6,650 S 3,290 S 4,900 750 S 2,230 S 4.150 1,660 S 1,338 S 2,490 Selling and administrative Research Miscellaneous 5,950 1,050 860 Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 1,060 892Explanation / Answer
Particulars
2017
2016
Amount
Percent
Gross Sales
24000
18750
5250
28
Sales return and allowances
900
100
800
800
Net sales
23100
18650
4450
23.86
Cost of Goods Sold
10750
7100
3650
51.40
Gross Profit
12350
11550
800
6.92
Operating expenses
Depreciation
1200
850
350
41.17
Selling and administrative expenses
5950
4500
1450
32.22
Research
1050
750
300
40
Misc.
860
550
310
56.36
Total Operating expenses
9060
6650
2410
36.24
Income before Interest and tax
3290
4900
(1610)
(32.85)
Interest expense
1060
750
310
41.33
Income before taxes
2230
4150
(1920)
(46.26)
Provision for taxes
892
1660
(768)
(46.26)
Net income
1338
2490
(1152)
(46.26)
Balance Sheet
Assets
Current Assets
Cash
11000
13.25
7900
13.27
Accounts receivable
15500
18.67
11500
19.32
Inventory
7500
9.03
13000
21.84
Prepaid expenses
23000
27.71
9000
15.12
Total Current assets
57000
68.67
41400
69.57
Plant and equipment
Building(Net)
13500
16.26
10100
16.97
Land
12500
15.06
8000
13.44
Total plant and equipment
26000
31.32
18100
30.42
Total assets
83000
100
59500
100
Liabilities
Current liabilities
Accounts payable
12000
14.45
6100
1025
Salaries payable
6000
7.22
4000
6.72
Total current liabilities
18000
21.68
10100
16.97
Long term liabilities
Mortgage note payable
21000
25.30
19400
32.60
Total liabilities
39000
46.98
29500
49.57
Stockholders’ equity
Common stock
20300
24.45
20300
34.11
Retained earnings
23700
28.55
9700
16.30
Total stockholder’s equity
44000
53.01
30000
50.42
Total liabilities and stockholder’s equity
83000
100
59500
100
Particulars
2017
2016
Amount
Percent
Gross Sales
24000
18750
5250
28
Sales return and allowances
900
100
800
800
Net sales
23100
18650
4450
23.86
Cost of Goods Sold
10750
7100
3650
51.40
Gross Profit
12350
11550
800
6.92
Operating expenses
Depreciation
1200
850
350
41.17
Selling and administrative expenses
5950
4500
1450
32.22
Research
1050
750
300
40
Misc.
860
550
310
56.36
Total Operating expenses
9060
6650
2410
36.24
Income before Interest and tax
3290
4900
(1610)
(32.85)
Interest expense
1060
750
310
41.33
Income before taxes
2230
4150
(1920)
(46.26)
Provision for taxes
892
1660
(768)
(46.26)
Net income
1338
2490
(1152)
(46.26)
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