2019 $15,000 100 $14,900 9,000 $ 5,900 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $19,000 Sales returns and allowances 1,000 Net sales $18,000 Cost of merchandise (goods) sold 12,000 Gross profit $ 6,000 Operating expenses: Depreciation $ 700 Selling and administrative 2,200 Research 550 Miscellaneous 360 Total operating expenses $ 3,810 Income before interest and taxes $ 2,190 Interest expense 560 Income before taxes $ 1,630 Provision for taxes 640 Net income $ 990 $ 600 2,000 500 300 $ 3,400 $ 2,500 500 $ 2,000 800 $ 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable $ 12,000 $9,000 16,500 12,500 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $ 12,000 $ 9,000 16,500 12,500 8,500 14,000 24,000 10,000 $ 61,000 $ 45,500 $ 14,500 $ 11,000 13,500 9,000 $ 28,000 $20,000 $ 89,000 $ 65,500 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 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 $ 13,000 $ 7,000 7,000 5,000 $ 20,000 $ 12,000 22,000 20, 500 $ 42,000 $ 32,500 $ 21,000 $ 21,000 26,000 12,000 $ 47,000 $ 33,000 $ 89,000 $ 65,500 Calculate the Average day's collection ratio. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.) Answer is complete but not entirely correct. 2020 2019 Average day's collection ratio 329.76 X 301.68 X Days