Gross sales $ 19,000 $ 15,000 Sales returns and allowances   1,000   100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold   12,000   9,000 Gross profit $ 6,000 $ 5,900 Operating expenses:         Depreciation $ 700 $ 600 Selling and administrative   2,200   2,000 Research   550   500 Miscellaneous   360   300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense   560   500 Income before taxes $ 1,630 $ 2,000 Provision for taxes   640   800 Net income $ 990 $ 1,200     LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020   2020 2019 Assets         Current assets:         Cash $ 12,000 $ 9,000 Accounts receivable   16,500   12,500 Merchandise inventory   8,500   14,000 Prepaid expenses   24,000   10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment:         Building (net) $ 14,500 $ 11,000 Land   13,500   9,000 Total plant and equipment $ 28,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities         Current liabilities:         Accounts payable $ 13,000 $ 7,000 Salaries payable   7,000   5,000 Total current liabilities $ 20,000 $ 12,000 Long-term liabilities:         Mortgage note payable   22,000   20,500 Total liabilities $ 42,000 $ 32,500 Stockholders’ Equity         Common stock $ 21,000 $ 21,000 Retained earnings   26,000   12,000 Total stockholders’ equity $ 47,000 $ 33,000 Total liabilities and stockholders’ equity $ 89,000 $ 65,500   Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.)     Current Ration 2020 2019

Financial information is presented below: Operating expenses $ 51000 Sales returns and allowances 4000 Sales discounts 7000 Sales revenue 188000 Cost of goods sold 99000 Gross Profit would be   $85000. $93000. $78000. $89000.

Please answer properly

ElectrohicS Tannenhill Industry Company Average Sales $1,510,000 100 % Cost of goods sold 921,100 67 Gross profit $588,900 33 % Selling expenses $362,400 19 % Administrative expenses 135,900 8. Total operating expenses $498,300 27 % Operating income $90,600 6 % Other revenue 30,200 2 $120,800 8 % Other expense 15,100 1 Income before income tax $105,700 7 % Income tax expense 45,300 5 Net income $60,400 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average Sales $1,510,000 % 100.0% Cost of goods sold 921,100 % 67% Gross profit $588,900 % 33% Selling expenses $362,400 % 19% Administrative expenses 135,900 % 8% Total operating expenses $498,300 % 27% Income from…