Calculate net income (after tax) to the net sales esLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2017 and 2018Gross 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 incomeCurrent assets:CashAccounts receivableMerchandise inventoryPrepaid expensesTotal current assetsPlant and equipment:Building (net)LandTotal plant and equipmentTotal assetsLOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 2018Assets20172018$19,200 $15,150900100$18,300 $15,05011,950 8,950$ 6,350 $ 6,100$720 $ 6102,3502,100510570380310$ 4,020 $ 3,530$ 2,330 $ 2,570580510$ 1,750 $ 2,060700824$ 1,050 $ 1,23620182017$12,100$ 9,10016,60012,6008,60014,10024,10010,100$61,400 $45,900$14,600 $11,10013,6009,100$28,200 $20,200$89,600 $66,100 esLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2017 and 2018Gross 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 incomeCurrent assets:CashAccounts receivableMerchandise inventoryPrepaid expensesTotal current assetsPlant and equipment:Building (net)LandTotal plant and equipmentTotal assetsLOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 2018Assets20172018$19,200 $15,150900100$18,300 $15,05011,950 8,950$ 6,350 $ 6,100$720 $ 6102,3502,100510570380310$ 4,020 $ 3,530$ 2,330 $ 2,570580510$ 1,750 $ 2,060700824$ 1,050 $ 1,23620182017$12,100$ 9,10016,60012,6008,60014,10024,10010,100$61,400 $45,900$14,600 $11,10013,6009,100$28,200 $20,200$89,600 $66,100

The question is related to the Ratio Analysis. The Net Income (after taxes) / Net Sales is the Net…

d allowances Bise (goods) sold ses: dministrative ting expenses nterest and taxes caxes axes LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2018 2017 $19,200 $15,150 900 100 $18,300 $15,050 11,950 8,950 $ 6,350 $ 6,100 $ 720 $ 610 2,350 2,100 570 510 380 310 $ 4,020 $ 3,530 $ 2,330 $ 2,570 580 510 $ 1,750 $ 2,060 700 824 $ 1,050 $ 1,236 2018 2017 $12,100 $9,10

d allowances Bise (goods) sold ses: dministrative ting expenses nterest and taxes caxes axes LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2018 2017 $19,200 $15,150 900 100 $18,300 $15,050 11,950 8,950 $ 6,350 $ 6,100 $ 720 $ 610 2,350 2,100 570 510 380 310 $ 4,020 $ 3,530 $ 2,330 $ 2,570 580 510 $ 1,750 $ 2,060 700 824 $ 1,050 $ 1,236 2018 2017 $12,100 $9,10

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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