LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $22,200 $17,400 Sales returns and allowances 900 100 Net sales $21,300 $17,300 Cost of merchandise (goods) sold 11,200 8,050 Gross profit $10,100 $ 9,250 Operating expenses: Depreciation $ 1,020 $ 760 Selling and administrative 4,600 3,600 Research 870 660 Miscellaneous 680 460 Total operating expenses $ 7,178 $ 5,480 Income before interest and taxes $ 2,930 $ 3,770 Interest expense 880 660 Income before taxes $ 2,050 $ 3, 110 Provision for taxes 820 1,244 Net income $ 1,230 $ 1,866 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: $ 11,900 $ 8,900 16,400 12,400 8,400 13,900 23,900 9,900 $60,600 $ 45, 100 $ 11,900 $ 8,900 16,400 12,400 8,400 13,900 23,900 9,900 $60,600 $ 45,100 $14,400 $10,900 13,400 8,900 $27,800 $19,800 $ 88,400 $ 64,900 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 $ 12,900 $ 6,900 6,900 4,900 $ 19,800 $11,800 21,900 20,400 $41,700 $32,200 $ 20,900 $ 21,900 25,800 11,700 $ 46,700 $32,700 $ 88,400 $ 64,900 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 Days