In: Accounting
Complete the comparative income statement and balance sheet for Logic Company. (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, 2016 and 2017 |
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INCREASE (DECREASE) | ||||||
2017 | 2016 | Amount | Percent | |||
Gross sales | $ | 19,200 | $ | 15,150 | $ | |
Sales returns and allowances | 900 | 100 | ||||
Net sales | $ | 18,300 | $ | 15,050 | $ | |
Cost of merchandise (goods) sold | 11,950 | 8,950 | ||||
Gross profit | $ | 6,350 | $ | 6,100 | $ | |
Operating expenses: | ||||||
Depreciation | $ | 720 | $ | 610 | $ | |
Selling and administrative | 2,350 | 2,100 | ||||
Research | 570 | 510 | ||||
Miscellaneous | 380 | 310 | ||||
Total operating expenses | $ | 4,020 | $ | 3,530 | $ | |
Income before interest and taxes | $ | 2,330 | $ | 2,570 | $ | |
Interest expense | 580 | 510 | ||||
Income before taxes | $ | 1,750 | $ | 2,060 | $ | |
Provision for taxes | 700 | 824 | ||||
Net income | $ | 1,050 | $ | 1,236 | $ | |
LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017 |
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2017 | 2016 | |||||
Amount | Percent | Amount | Percent | |||
Assets | ||||||
Current assets: | ||||||
Cash | $ | 12,100 | $ | 9,100 | ||
Accounts receivable | 16,600 | 12,600 | ||||
Merchandise inventory | 8,600 | 14,100 | ||||
Prepaid expenses | 24,100 | 10,100 | ||||
Total current assets | $ | 61,400 | $ | 45,900 | ||
Plant and equipment: | ||||||
Building (net) | $ | 14,600 | $ | 11,100 | ||
Land | 13,600 | 9,100 | ||||
Total plant and equipment | $ | 28,200 | $ | 20,200 | ||
Total assets | $ | 89,600 | $ | 66,100 | ||
Liabilities | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 13,100 | $ | 7,100 | ||
Salaries payable | 7,100 | 5,100 | ||||
Total current liabilities | $ | 20,200 | $ | 12,200 | ||
Long-term liabilities: | ||||||
Mortgage note payable | 22,100 | 20,600 | ||||
Total liabilities | $ | 42,300 | $ | 32,800 | ||
Stockholders’ Equity | ||||||
Common stock | $ | 21,100 | $ | 21,100 | ||
Retained earnings | 26,200 | 12,200 | ||||
Total stockholders’ equity | $ | 47,300 | $ | 33,300 | ||
Total liabilities and stockholders’ equity | $ | 89,600 | $ | 66,100 |
LOGIC COMPANY | ||||
Comparative Income Statement | ||||
For Years Ended December 31, 2016 and 2017 | ||||
INCREASE (DECREASE) | ||||
2017 | 2016 | Amount | Percent | |
Gross sales | $19,200.00 | $15,150.00 | $ 4,050.00 | 26.73% |
Sales returns and allowances | $ 900.00 | $ 100.00 | $ 800.00 | 800.00% |
Net sales | $18,300.00 | $15,050.00 | $ 3,250.00 | 21.59% |
Cost of merchandise (goods) sold | $11,950.00 | $ 8,950.00 | $ 3,000.00 | 33.52% |
Gross profit | $ 6,350.00 | $ 6,100.00 | $ 250.00 | 4.10% |
Operating expenses: | ||||
Depreciation | $ 720.00 | $ 610.00 | $ 110.00 | 18.03% |
Selling and administrative | $ 2,350.00 | $ 2,100.00 | $ 250.00 | 11.90% |
Research | $ 570.00 | $ 510.00 | $ 60.00 | 11.76% |
Miscellaneous | $ 380.00 | $ 310.00 | $ 70.00 | 22.58% |
Total operating expenses | $ 4,020.00 | $ 3,530.00 | $ 490.00 | 13.88% |
Income before interest and taxes | $ 2,330.00 | $ 2,570.00 | $ (240.00) | -9.34% |
Interest expense | $ 580.00 | $ 510.00 | $ 70.00 | 13.73% |
Income before taxes | $ 1,750.00 | $ 2,060.00 | $ (310.00) | -15.05% |
Provision for taxes | $ 700.00 | $ 824.00 | $ (124.00) | -15.05% |
Net income | $ 1,050.00 | $ 1,236.00 | $ (186.00) | -15.05% |
LOGIC COMPANY | ||||
Comparative Balance Sheet | ||||
December 31, 2016 and 2017 | ||||
2017 | 2016 | |||
Amount | Percent | Amount | Percent | |
Assets | ||||
Current assets: | ||||
Cash | $12,100.00 | 13.50% | $ 9,100.00 | 13.77% |
Accounts receivable | $16,600.00 | 18.53% | $12,600.00 | 19.06% |
Merchandise inventory | $ 8,600.00 | 9.60% | $14,100.00 | 21.33% |
Prepaid expenses | $24,100.00 | 26.90% | $10,100.00 | 15.28% |
Total current assets | $61,400.00 | 68.53% | $45,900.00 | 69.44% |
Plant and equipment: | ||||
Building (net) | $14,600.00 | 16.29% | $11,100.00 | 16.79% |
Land | $13,600.00 | 15.18% | $ 9,100.00 | 13.77% |
Total plant and equipment | $28,200.00 | 31.47% | $20,200.00 | 30.56% |
Total assets | $89,600.00 | 100.00% | $66,100.00 | 100.00% |
Liabilities | ||||
Current liabilities: | ||||
Accounts payable | $13,100.00 | 14.62% | $ 7,100.00 | 10.74% |
Salaries payable | $ 7,100.00 | 7.92% | $ 5,100.00 | 7.72% |
Total current liabilities | $20,200.00 | 22.54% | $12,200.00 | 18.46% |
Long-term liabilities: | ||||
Mortgage note payable | $22,100.00 | 24.67% | $20,600.00 | 31.16% |
Total liabilities | $42,300.00 | 47.21% | $32,800.00 | 49.62% |
Stockholders’ Equity | ||||
Common stock | $21,100.00 | 23.55% | $21,100.00 | 31.92% |
Retained earnings | $26,200.00 | 29.24% | $12,200.00 | 18.46% |
Total stockholders’ equity | $47,300.00 | 52.79% | $33,300.00 | 50.38% |
Total liabilities and stockholders’ equity | $89,600.00 | 100.00% | $66,100.00 | 100.00% |