2019 $17,100 100 $17,000 8,100 $ 8,900 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $21,800 Sales returns and allowances 800 Net sales $21,000 Cost of merchandise (goods) sold 11,300 Gross profit $ 9,700 Operating expenses: Depreciation $ 980 Selling and administrative 4,300 Research 830 Miscellaneous 640 Total operating expenses $ 6,750 Income before interest and taxes $ 2,950 Interest expense 840 Income before taxes $ 2,110 Provision for taxes 844 Net income $ 1,266 $ 740 3,400 640 440 $ 5,220 $ 3,680 640 $ 3,040 1,216 $ 1,824 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $ 13,400 $ 10,400 17,900 13,900 9,900 15,400 25,400 11,400 $ 66,600 $ 51,100 $ 15,900 $ 12,400 14,900 10,400 $ 30,800 $ 22,800 $ 97,400 $ 73,900 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 $ 14,400 $ 8,400 8,500 6,400 $ 22,900 $ 14,800 23,500 21,900 $ 46,400 $ 36,700 $ 22,400 $ 22,400 28,600 14,800 $ 51,000 $ 37,200 $ 97,400 $ 73,900 Calculate the average day's collection ratio. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.) 2020 2019 Average day's collection ratio Days