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Business
Accounting
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
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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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.

 
 
 
W J 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 "percent" answers to the nearest hundredth percent. Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses. Depreciation Selling and administrative Research MiscellaneouS LOGIC COMPANY I Comparative Income Statement For Years Ended December 31, 2022 and 2023 Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ N $ $ $ $ 2023 23.600 $ 800 22,800 $ 10,850 11,950 $ D----- 1,160 5,650 1,010 820 8,640 3,310 1,020 2,290 $ 916 1,374 $ $ LOGIC COMPANY Comparative Balance Sheet 2022-3033 2022 18,450 100 18,350 7,300 11,050 830 4,300 730 530 6,390 4,660 730 3,930 1,572 2,358 Increase (Decrease) Percent Amount Q Search < Prev 3 of 4 L
Transcribed Image Text:W J 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 "percent" answers to the nearest hundredth percent. Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses. Depreciation Selling and administrative Research MiscellaneouS LOGIC COMPANY I Comparative Income Statement For Years Ended December 31, 2022 and 2023 Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ N $ $ $ $ 2023 23.600 $ 800 22,800 $ 10,850 11,950 $ D----- 1,160 5,650 1,010 820 8,640 3,310 1,020 2,290 $ 916 1,374 $ $ LOGIC COMPANY Comparative Balance Sheet 2022-3033 2022 18,450 100 18,350 7,300 11,050 830 4,300 730 530 6,390 4,660 730 3,930 1,572 2,358 Increase (Decrease) Percent Amount Q Search < Prev 3 of 4 L
Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Total plant and equipment Current liabilities: Liabilities Accounts payable Salaries payable t MINIMUM Long-term liabilities: Total current liabilities Mortgage note payable Total liabilities Common stock Retained earnings Stockholders' Equity Total stockholders equity Total liabilities and stockholders' equity LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 $ $ $ $ $ $ $ $ $ $ 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 $ $ $ $ 5 S $ $ 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 $ 20.200 10.800 31.000 61.100 2022 Q Search Percent < Prev 3 of 4 L
Transcribed Image Text:Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Total plant and equipment Current liabilities: Liabilities Accounts payable Salaries payable t MINIMUM Long-term liabilities: Total current liabilities Mortgage note payable Total liabilities Common stock Retained earnings Stockholders' Equity Total stockholders equity Total liabilities and stockholders' equity LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 $ $ $ $ $ $ $ $ $ $ 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 $ $ $ $ 5 S $ $ 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 $ 20.200 10.800 31.000 61.100 2022 Q Search Percent < Prev 3 of 4 L
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