LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $13,000 $10,000 17,50 13,500 9,500 15,000 25,00 11,000 $65,000 $49,500 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $15,500 $12,000 14,500 10,000 $30,000 $22,000 $95,000 $71,500 $14,000 $ 8,000 8,000 6,000 $22,000 $14,000 23.000 21,500 $45,000 $35,500 $22,000 $22.000 28,000 14,000 $50,000 $35,000 $95,000 $71,500 Calculate the average day's collection. (Use 360 days a year. Do not round intermediate calculations. Round your answers to nearest hundredth.) 2018 2017 Average day's collection LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $13,000 $10,000 17,50 13,500 9,500 15,000 25,00 11,000 $65,000 $49,500 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $15,500 $12,000 14,500 10,000 $30,000 $22,000 $95,000 $71,500 $14,000 $ 8,000 8,000 6,000 $22,000 $14,000 23.000 21,500 $45,000 $35,500 $22,000 $22.000 28,000 14,000 $50,000 $35,000 $95,000 $71,500 Calculate the average day's collection. (Use 360 days a year. Do not round intermediate calculations. Round your answers to nearest hundredth.) 2018 2017 Average day's collection