LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $21,400 $16,800 Sales returns and allowances 1,000 100 Net sales $20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses : Depreciation $ 940 $ 720 Selling and administrative 4,000 3, 200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1, 088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: $ 13,200 $10,200 17,700 13,700 9,700 15,200 25, 200 11) 200 $ 65,800 $50, 300 $13,200 $10,200 17,700 13,700 9,700 15,200 25,200 11,200 $ 65,800 $50,300 $ 15,700 $12,200 14,700 10,200 $ 30,400 $22,400 $ 96,200 $ 72,700 Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $14,200 $ 8,200 8,200 6,200 $ 22,400 $14,400 23,200 21,700 $ 45,600 $36, 100 $ 22,200 $ 22,100 28,400 14,500 $50,600 $36,600 $ 96,200 $72,700 Calculate the total debt to total assets 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.) 2020 2019 Total debt to total assets ratio