LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 Gross sales 2018 $20,800 2017 $16,350 Sales returns and allowances 1,000 100 Net sales $19,800 $16,250 Cost of merchandise (goods) sold 11,550 8,550 $ 8,250 $ 7,700 $ 880 $ 690 3,550 2,900 730 590 540 390 Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ 5,700 $ 4,570 $2,550 740 $ 3,130 590 $ 1,810 $ 2,540 724 1,016 $ 1,086 $ 1,524 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2018 2017 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Current liabilities: $12,800 $9,900 17,400 13,400 9,400 14,900 24,900 10,900 $64,500 $49,100 $15,400 $11,700 14,400 9,900 $29,800 $21,600 $94,300 $70,700 Liabilities Accounts payable Salaries payable Total current liabilities $13,900 $ 7,900 7,900 $21,800 $13,800 5,900 Long-term liabilities: Mortgage note payable Total liabilities 22,900 $44,700 $35,200 21,400 Stockholders' Equity Common stock $22,000 $22,000 Retained earnings 27,600 13,500 Total stockholders' equity $49,600 $35,500 Total liabilities and stockholders' equity $94,300 $70,700 Calculate the average day's collection. (Use 360 days a year. Do not round intermediate calculations. F nearest hundredth.) 2018 2017 Average day's collection