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Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 Net sales (on account) $650,220 $420,600 Cost of goods sold 395.410 258.668 Gross profit $254.810 $161.932 Administrative expenses $ 63,518 $ 42,288 Selling expenses 65,992 43,936 Total operating expenses $129,510 86.224 Operating income $125,300 $ 75,708 Interest expense 1.282 1,204 Income before income taxes $124,018 $ 74,504 Income tax expense 31.005 -13,630Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 20-1 Assets Current assets: Cash $ 42,900 $ 22,006 Receivables (net) 73,642 47,510 Merchandise inventory 92,060 50.396 Supplies and prepayments 3,788 1,158 Total current assets $212,390 $121,070 Property, plant, and equipment: Office equipment (net) $ 12,150 $ 8,490 Factory equipment (net) 105,360 71,190 Total property, plant, and equipment $117,510 $ 79.680 Total assets $329,900 $200,750 Liabilities Current liabilities: Notes payable $ 10,000 $ 6,000 Accounts payable 43,524 30.242 Accrued and withheld payroll taxes 6,250 5,400 Total current liabilities $ 59,774 $ 41,642 Stockholders Equity Common stock ($10 par) $100,000 $ 84,000 Retained earnings 170,126 75,108 Total stockholders' equity $270,126 $159,108 Total liabilities and stockholders' equity $329,900 $200,7501. The owner of the Miller and Eletronics Corporation gave you the following data to analyze the Accounts Receivable and Inventory of his company. He ask you to prepare a report about accounts receivable and inventory turnover and days outstanding of the two accounts and explain the implication of the result of what you have get