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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. 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 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 $ $ $ EA $ CA 69 $ 69 $ $ CA $ GA 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 $ 100 14,900 $ 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount 4,000 900 3,100 Percent 26.67 900.00

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. 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 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 $ $ $ EA $ CA 69 $ 69 $ $ CA $ GA 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 $ 100 14,900 $ 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount 4,000 900 3,100 Percent 26.67 900.00

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.

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. LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $ 69 69 $ EA 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 69 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 69 2022 15,000 $ 100 14,900 $ 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount 4,000 900 3,100 Percent 26.67 900.00
Transcribed Image Text: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. LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $ 69 69 $ EA 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 69 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 69 2022 15,000 $ 100 14,900 $ 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount 4,000 900 3,100 Percent 26.67 900.00
Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Assets Current liabilities: Accounts payable Salaries payable Liabilities Total current liabilities Long-term 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 $ $ $ $ 69 $ CA $ EA $ $ $ $ EA Amount 12,000 16,500 8,500 24,000 61,000 14,500 13,500 28,000 89,000 13,000 7,000 20,000 22,000 42,000 21,000 26,000 47,000 89,000 Percent $ $ $ $ $ $ $ $ $ 69 $ $ Amount 2022 9,000 12,500 14,000 10,000 45,500 11,000 9,000 20,000 65,500 7,000 5,000 12,000 20,500 32,500 21,000 12,000 33,000 65,500 Percent
Transcribed Image Text:Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Assets Current liabilities: Accounts payable Salaries payable Liabilities Total current liabilities Long-term 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 $ $ $ $ 69 $ CA $ EA $ $ $ $ EA Amount 12,000 16,500 8,500 24,000 61,000 14,500 13,500 28,000 89,000 13,000 7,000 20,000 22,000 42,000 21,000 26,000 47,000 89,000 Percent $ $ $ $ $ $ $ $ $ 69 $ $ Amount 2022 9,000 12,500 14,000 10,000 45,500 11,000 9,000 20,000 65,500 7,000 5,000 12,000 20,500 32,500 21,000 12,000 33,000 65,500 Percent
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