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 COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023Gross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchMiscellaneousTotal operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet income$$$$$6969$EA202319,000 $1,00018,000 $12,0006,000 $700 $692,2005503603,810 $2,190 $5601,630 $640990 $69202215,000 $10014,900 $9,0005,9006002,0005003003,4002,5005002,0008001,200Increase (Decrease)Amount4,0009003,100Percent26.67900.00 Current assets:CashAccounts receivableMerchandise inventoryPrepaid expensesTotal current assetsPlant and equipment:Building (net)LandTotal plant and equipmentTotal assetsAssetsCurrent liabilities:Accounts payableSalaries payableLiabilitiesTotal current liabilitiesLong-term liabilities:Mortgage note payableTotal liabilitiesCommon stockRetained earningsStockholders' EquityTotal stockholders' equityTotal liabilities and stockholders' equityLOGIC COMPANYComparative Balance SheetDecember 31, 2022 and 20232023$$$$69$CA$EA$$$$EAAmount12,00016,5008,50024,00061,00014,50013,50028,00089,00013,0007,00020,00022,00042,00021,00026,00047,00089,000Percent$$$$$$$$$69$$Amount20229,00012,50014,00010,00045,50011,0009,00020,00065,5007,0005,00012,00020,50032,50021,00012,00033,00065,500Percent

Comparative statement analysis is the one which is prepared by the entity to compare the data of two…

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EB: The following select account data is taken from the records of Carnival Express for 2019. A. Use the...

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