LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2eze 2e2e 2019 Gross sales $19,zee $15,152 Sales returns and allowances See 100 Net sales $18.300 $15,050 Cost of merchandise (goods) sold 11,950 8,952 Gross profit $ 6,350 $ 6,188 Operating expenses: Depreciation $ 720 $ 612 Selling and administrative 2,3502 102 $ 4,220 $ 2,330 $ 3,530 $ 2,578 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $2,250 824 1,236 $ 1,950 $ LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $ 12,100 16,602 8,602 24,102 $ 61,400 $ 9,102 12,602 14,100 10.102 $ 45,902 $ 14,600 13,6ee $ 28,200 $ 89,600 $ 11, 12 9,102 $ 20,202 $ 66,102 Accounts receivable Merchandise inventory Prepaid cxpenses 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 Cormon stock Retained earnings Total stockholders' cquity Total liabilities and stockholders' cquity $ 13,100 $ 7.100 7,1025 ,102 $ 20,200 $ 12,200 22.102 $ 42,382 20,602 $ 32,882 $ 21,100 $ 21,102 12,200 33,3ee $66.199 $ 47,300 $ 89. Gee Calculate the average day's collection ratio. (Use 360 days a year. Do not round Intermediate calculations. Round your answers to the nearest hundredth.) 2020 2019 Average day's collection ratio n Days