9 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 Gross sales 2 Sales returns and allowances points Net sales 2018 $23,800 2017 $18,600 1,000 100 $22,800 $18,500 10.800 7,200 eBook Print References 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 $12,000 $11,300 $ 1,180 $ 840 5,800 1,030 840 4,400 740 540 $ 8,850 $ 6,520 $ 3,150 1.040 $ 2,110 844 $4,780 740 $ 4,040 1,616 $ 1,266 $ 2,424 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2018 2017 $11,100 $8,100 15,600 11,600 7,600 13,100 23,100 9,100 $57,400 $41,900 9 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2 points eBook Print References 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 $11,100 $8,100 15,600 11,600 7,600 13,100 23,100 9,100 $57,400 $41,900 $13,600 $10,200 12,600 8,100 $26,200 $18,300 $83,600 $60,200 Liabilities Accounts payable Salaries payable Total current liabilities $12,100 $6,100 6,100 4,100 $18,200 $10,200 Long-term liabilities: Mortgage note payable 21,100 19,600 Total liabilities $39,300 $29,800 Stockholders' Equity Common stock $20,100 $20,100 Retained earnings 24,200 10,300 Total stockholders' equity $44,300 $30,400 Total liabilities and stockholders' equity $83,600 $60,200 Calculate the average day's collection. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.) 2018 2017 Average day's collection