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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 $19,400 $15,300 880 100 $18,600 $15,200 11,900 8,900 $ 6,700 $ 6,300 $ 740 $ 620 2,500 2,200 590 520 400 320 $ 4,230 $ 3,660 $ 2,470 $ 2,640 600 528 $ 1,870 $ 2,120 748 848 $ 1,122 $ 1,272 2020 2019 $ 12,100 $ 9,300 Accounts receivable 16,700 12,700 Merchandise inventory Prepaid expenses 8,700 14,200 24,200 10,200 Total current assets $ 61,700 $ 46,400 Plant and equipment: Building (net) Land $ 14,600 $ 11,200 13,700 9,200 Total plant and equipment $ 28,300 $20,400 Total assets $ 90,000 $ 66,800 Liabilities Current liabilities: Accounts payable Salaries payable $ 13,200 $ 7,200 7,200 5,200 Total current liabilities $ 20,408 $ 12,488) Long-tere liabilities: Mortgage note payable 22,400 20,700 $33,100 Total liabilities $ 42,800 Stockholders' Equity Common stock Retained earnings $ 21,100 26,100 $ 21,100 12,600 Total stockholders' equity $ 47,200 $33,700 Total liabilities and stockholders' equity $ 90,000 $ 66,800 Calculate the asset turnover ratio. (Enter your response as a decimal rounded to 2 places.) Answer is complete but not entirely correct. 2020 2019 Asset tumover ratio dollar sales per $1 of 0.24 3 0.23 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 Current assets: Cash LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 $20,200 1,000 $19,200 11,700 $ 7,500 $ 2019 $15,900 100 $15,800 8,700 $ 7,100 820 $ 660 2,600 560 368 $4,180 $ 2,928 560 $2,360 944 $ 1,416 2020 2019 $ 12,500 $9,600 Accounts receivable 17,100 13,100 9,100 14,600 Merchandise inventory Prepaid expenses 24,600 10,600 Total current assets $ 63,300 $47,900 Plant and equipment; $15,000 Building (net) Land $11,600 9,600 14,100 Total plant and equipment $ 29,100 $ 21,200 Total assets $ 92,400 $ 69,100 Liabilities Current liabilities: Accounts payable Salaries payable $ 13,600 $ 7,600 7,500 5,600 Total current liabilities $ 21,100 $ 13,200 Long-term liabilities: Mortgage note payable. 22,500 21,100 $43,600 $34,300 Total liabilities Common stock $ 21,700 $ 21,700 27,100 13,108 Retained earnings Total stockholders equity $ 48,800 $ 34,800 $ 92,400 $ 69,100 Total liabilities and stockholders' equity Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage (i.e.. do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Total debt to total assets ratio 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 Current assets: Cash 3,100 670 480 $5,070 $ 2,430 680 $1,750 700 $ 1,050 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets Stockholders' Equity LOGIC COMPANY Comparative Income Statenent For Years Ended December 31, 2019 and 2020 2020 $19,600 1,000 $18,600 11,850 $ 6,750 $ 768 2,650 610 420 $ 4,440 $ 2,310 620 $ 1,690 676 $ 1,014 2019 $15,450 100 $15,350 8,858 $ 6,500 $ 630 2,300 538 330 $ 3,790 $ 2,710 538 $ 2,180 872 $ 1,308 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 Assets 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 2020 2019 Current assets: Cash $ 9,300 Accounts receivable $ 12,300 16,800 12,800 8,800 14,300 Merchandise inventory Prepaid expenses. 24,300 10,300 Total current assets $.62,200 $ 46,700 Plant and equipment: Building (net) Land $ 14,800 $ 11,300 13,800 9,300 Total plant and equipment $ 28,600 $ 20,600 Total assets $ 98,800 $ 67,300 Liabilities Current liabilities:: Accounts payable Salaries payable $ 13,300 $ 7,500 7,300 5,300 Total current liabilities $ 20,600 $12,800 Long-term liabilities: Mortgage note payable. 22,300 20,800 Total liabilities $ 42,900 $ 33,600 Stockholders' Equity Common stock $ 21,500 $ 21,200 26,400 12,500 Retained earnings Total stockholders' equity $ 47,900 $33,700 Total liabilities and stockholders' equity $ 90,800 $ 67,300 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 286.45 300,20 Days