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, 2014 and 2015
					INCREASE (DECREASE)
	2015		2014		Amount	Percent
Gross sales	$	21,600	$	16,950	$
Sales returns and allowances		900		100
Net sales	$	20,700	$	16,850	$
Cost of merchandise (goods) sold		11,350		8,300
Gross profit	$	9,350	$	8,550	$
Operating expenses:
Depreciation	$	960	$	730	$
Selling and administrative		4,150		3,300
Research		810		630
Miscellaneous		620		430
Total operating expenses	$	6,540	$	5,090	$
Income before interest and taxes	$	2,810	$	3,460	$
Interest expense		820		630
Income before taxes	$	1,990	$	2,830	$
Provision for taxes		796		1,132
Net income	$	1,194	$	1,698	$

LOGIC COMPANY Comparative Balance Sheet December 31, 2014 and 2015
	2015			2014
	Amount		Percent	Amount		Percent
Assets
Current assets:
Cash	$	13,300		$	10,300
Accounts receivable		17,800			13,800
Merchandise inventory		9,800			15,300
Prepaid expenses		25,300			11,300
Total current assets	$	66,200		$	50,700
Plant and equipment:
Building (net)	$	15,800		$	12,300
Land		14,800			10,300
Total plant and equipment	$	30,600		$	22,600
Total assets	$	96,800		$	73,300
Liabilities
Current liabilities:
Accounts payable	$	14,300		$	8,200
Salaries payable		8,200			6,300
Total current liabilities	$	22,500		$	14,500
Long-term liabilities:
Mortgage note payable		23,300			21,800
Total liabilities	$	45,800		$	36,300
Stockholders Equity
Common stock	$	22,300		$	22,200
Retained earnings		28,700			14,800
Total stockholders equity	$	51,000		$	37,000
Total liabilities and stockholders equity	$	96,800		$	73,300

2.

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015
	2015		2014
Gross sales	$	20,200	$	15,900
Sales returns and allowances		1,000		100
Net sales	$	19,200	$	15,800
Cost of merchandise (goods) sold		11,700		8,700
Gross profit	$	7,500	$	7,100
Operating expenses:
Depreciation	$	820	$	660
Selling and administrative		3,100		2,600
Research		670		560
Miscellaneous		480		360
Total operating expenses	$	5,070	$	4,180
Income before interest and taxes	$	2,430	$	2,920
Interest expense		680		560
Income before taxes	$	1,750	$	2,360
Provision for taxes		700		944
Net income	$	1,050	$	1,416

LOGIC COMPANY Comparative Balance Sheet December 31, 2014 and 2015
	2015		2014
Assets
Current assets:
Cash	$	12,500	$	9,600
Accounts receivable		17,100		13,100
Merchandise inventory		9,100		14,600
Prepaid expenses		24,600		10,600
Total current assets	$	63,300	$	47,900
Plant and equipment:
Building (net)	$	15,000	$	11,600
Land		14,100		9,600
Total plant and equipment	$	29,100	$	21,200
Total assets	$	92,400	$	69,100
Liabilities
Current liabilities:
Accounts payable	$	13,600	$	7,600
Salaries payable		7,500		5,600
Total current liabilities	$	21,100	$	13,200
Long-term liabilities:
Mortgage note payable		22,500		21,100
Total liabilities	$	43,600	$	34,300
Stockholders Equity
Common stock	$	21,700	$	21,700
Retained earnings		27,100		13,100
Total stockholders equity	$	48,800	$	34,800
Total liabilities and stockholders equity	$	92,400	$	69,100

Calculate the Current ratio. (Round your answers to the nearest hundredth.)

	2015	2014
Current ratio