Compete the comparative income statement and balance sheet for logic company. Note: all input numbers are positive except decrease answers that should be a minus sign. Your the percent to the nearest hundredth percent. Gross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchMiscellaneousLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023Total operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet income$$$LA$SA S$$$$202321,000 $90020,100 $11,5008,600 $9003,7007505605,910$2,690 $7601,930 $7721,158 $$202216,50010016,4008,5007,9007003,0006004004,7003,2006002,6001,0401,560Increase (Decrease)AmountPercent

It is a statement of profit and loss which shows the increase or decrease in various items of…

Answered: Compete the comparative income…

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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Compete the comparative income statement and balance sheet for logic company. Note: all input numbers are positive except decrease answers that should be a minus sign. Your the percent 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
$
$
$
LA
$
SA S
$
$
$
$
2023
21,000 $
900
20,100 $
11,500
8,600 $
900
3,700
750
560
5,910
$
2,690 $
760
1,930 $
772
1,158 $
$
2022
16,500
100
16,400
8,500
7,900
700
3,000
600
400
4,700
3,200
600
2,600
1,040
1,560
Increase (Decrease)
Amount
Percent

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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