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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 2018 $22,800 900 2017 $17,850 100 $21,900 $17,750 11,050 7,700 $10,850 $10,050 $ 1,080 $ 790 5,050 930 740 3,900 690 490 $ 7,800 $ 5,870 $ 3,050 $ 4,180 940 690 $ 2,110 $ 3,490 844 1,396 $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities: 2018 2017 $11,800 $ 8,600 16,100 12,100 8,100 13,600 23,600 9,600 $59,600 $43,900 $14,000 $10,600 13,100 8,600 $27,100 $19,200 $86,700 $63,100 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 $12,600 6,700 $19,300 $ 6,600 4,600 $11, 200 21,600 20,100 $40,900 $31,300 $20,600 $20,700 11,100 25,200 $45,800 $31,800 $86,700 $63,100 Calculate the total debt to total assets ratio. (Round your answers to the nearest hundredth Total debt to total assets ratio

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