LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023
2023 2022
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, 2022 and 2023
2023 2022 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
What is the current ratio for 2023 and 2022?