Ladwig mo. Income Statement For Years Ended December 31, 2014, 2013, and 2012 Sales Cost of goods sold Gross profit from sales Operating expenses Income from operations Interest expense Income before taxes Income taxes Net income 2014 2013 2012 $1,296,900 $1,164,800 $1,040,200 468,400 469,800 544,200 828,500 695,000 496,000 237,900 206,100 217,100 590,600 488,900 278,900 4,450 5,200 6,200 586,150 483,700 272,700 67,600 63,000 46,600 $518,550 $420,700 $226,100 Ludwig Inc. Balance Sheet December 31, 2014, 2013, and 2012 Assets 2014 Cash Short-term investments Accounts receivable, net Merchandise inventory_ Prepaid expenses_ Notes receivable, due in 2017 2013 2012 $42,800 $50,300 $42,600 2,200 13,000 11,000 14,000 15,000 28,900 28,400 24,700 24,300 29,300 24,600 2,000 15,500 14,500 2,100 Plant assets, net 486,000 413,000 433,000 Total assets $608,200 $552,500 $556,500 Liabilities and Equity Accounts payable $41,000 $42,100 $45,900 Salaries payable 7,900 7,300 7,600 Income taxes payable 5,100 6,050 6,700 Long-term note payable secured by mortgage on plant assets 282,000 328,000 286,000 Share capital, 150,000 shares.. Retained earnings Total liabilities and equity. 160,000 160,000 160,000 112,200 9,050 50,300 $608,200 $552,500 $556,500 Ratio 2014 2013 Accounts receivable collection period Analysis (select one)