Complete the comparative income statement and balance sheet for Logic Company.Note: 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. WJComplete the comparative income statement and balance sheet for Logic Company.Note: Input all answers as positive values except decrease answers which should be indicated by a minus"percent" answers to the nearest hundredth percent.Gross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses.DepreciationSelling and administrativeResearchMiscellaneouSLOGIC COMPANYI Comparative Income StatementFor Years Ended December 31, 2022 and 2023Total operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet income$$$N$$$$202323.600 $80022,800 $10,85011,950 $D-----1,1605,6501,0108208,6403,3101,0202,290 $9161,374$$LOGIC COMPANYComparative Balance Sheet2022-3033202218,45010018,3507,30011,0508304,3007305306,3904,6607303,9301,5722,358Increase (Decrease)PercentAmountQ Search< Prev3 of 4L AssetsCurrent assets:CashAccounts receivableMerchandise inventoryPrepaid expensesTotal current assetsPlant and equipment:Building (net)LandTotal assetsTotal plant and equipmentCurrent liabilities:LiabilitiesAccounts payableSalaries payabletMINIMUMLong-term liabilities:Total current liabilitiesMortgage note payableTotal liabilitiesCommon stockRetained earningsStockholders' EquityTotal stockholders equityTotal liabilities and stockholders' equityLOGIC COMPANYComparative Balance SheetDecember 31, 2022 and 20232023$$$$$$$$$$Amount11.40015,7007,70023,20058,00013,70012.70026.40084.40012.2006,20018,40021,20039.60020,20024,60044,80084,400Percent$$$$5S$$Amount8,60011,70013,2009,20042.70010,2008.20018.40061.1006.2004,20010,40019,70030.100$ 20.20010.80031.00061.1002022Q SearchPercent< Prev3 of 4L

Horizontal Analysis - Horizontal Analysis is calculated by first calculating difference between base…

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 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 $ $ EA $ 69 69 $ $ $ $ $ $ $ Amount 11,400 15,700 7,700 23,200 58,000 13,700 12,700 26,400 84,400 12,200 6.200 18,400 21,200 39,600 20,200 24,600 44.800 84,400 Percent $ $ $ $ $ $ $ $ $ $ $ Amount 8,600 11,700 13,200 9,200 42,700 10,200 8,200 18,400 61,100 6,200 4,200 10,400 19,700 30,100 2022 20,200 10.800 31,000 61,100 Percent

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 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 $ $ EA $ 69 69 $ $ $ $ $ $ $ Amount 11,400 15,700 7,700 23,200 58,000 13,700 12,700 26,400 84,400 12,200 6.200 18,400 21,200 39,600 20,200 24,600 44.800 84,400 Percent $ $ $ $ $ $ $ $ $ $ $ Amount 8,600 11,700 13,200 9,200 42,700 10,200 8,200 18,400 61,100 6,200 4,200 10,400 19,700 30,100 2022 20,200 10.800 31,000 61,100 Percent

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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