GREAT GIFT SHOP, INC.
	Income Statement for Year Ended December 31, 2019
		-------------2019---------------
		DOLLARS	% OF SALES
Sales Revenue		7,800,000	100.00%
Cost of Goods Sold		4,800,000	61.54%
Gross Profit		3,000,000	38.46%
Selling Expense		1,540,000	19.74%
General and Administrative Expense		95,000	1.22%
Depreciation Expense		125,000	1.60%
Operating Profits (EBIT)		1,240,000	15.90%
Interest Expense		750,000	9.62%
Profit Before Taxes		490,000	6.28%
Less: Taxes @ 40%		196,000	2.51%
Net Profit After Taxes		294,000	3.77%
	GREAT GIFT SHOP, INC.
	Balance Sheet As of December 31, 2019
		-------------2019---------------
		DOLLARS	% OF ASSETS
ASSETS:
Cash		95,000	0.86%
Accounts Receivable		1,200,000	10.87%
Inventories		3,200,000	29.00%
Total Current Assets		4,495,000	40.73%
Net Fixed Assets		6,540,000	59.27%
TOTAL ASSETS		11,035,000	100.00%
LIABILITIES AND EQUITY:
Accounts Payable		1,750,000	15.86%
Notes Payable		800,000	7.25%
Accruals		75,000	0.68%
Total Current Liabilities		2,625,000	23.79%
Long-Term Debt		3,885,000	35.21%
TOTAL LIABILITIES		6,510,000	58.99%
Common Stock at Par Value		50,000	0.45%
Paid-In Capital in Excess of Par Value		75,000	0.68%
Retained Earnings		4,400,000	39.87%
TOTAL STOCKHOLDERS' EQUITY		4,525,000	41.01%
TOTAL LIABILITIES AND EQUITY		11,035,000	100.00%

Calculate the following ratios for 2019 for Great Gift Shop, Inc.:

Industry Average

a. Average Collection Period: 35 days