LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2022 and 2023
	2023	2022
Gross sales	$ 19,200	$ 15,150
Sales returns and allowances	900	100
Net sales	$ 18,300	$ 15,050
Cost of merchandise (goods) sold	11,950	8,950
Gross profit	$ 6,350	$ 6,100
Operating expenses:
Depreciation	$ 720	$ 610
Selling and administrative	2,350	2,100
Research	570	510
Miscellaneous	380	310
Total operating expenses	$ 4,020	$ 3,530
Income before interest and taxes	$ 2,330	$ 2,570
Interest expense	580	510
Income before taxes	$ 1,750	$ 2,060
Provision for taxes	700	824
Net income	$ 1,050	$ 1,236

LOGIC COMPANY
Comparative Balance Sheet
December 31, 2022 and 2023
	2023	2022
Assets
Current assets:
Cash	$ 12,100	$ 9,100
Accounts receivable	16,600	12,600
Merchandise inventory	8,600	14,100
Prepaid expenses	24,100	10,100
Total current assets	$ 61,400	$ 45,900
Plant and equipment:
Building (net)	$ 14,600	$ 11,100
Land	13,600	9,100
Total plant and equipment	$ 28,200	$ 20,200
Total assets	$ 89,600	$ 66,100
Liabilities
Current liabilities:
Accounts payable	$ 13,100	$ 7,100
Salaries payable	7,100	5,100
Total current liabilities	$ 20,200	$ 12,200
Long-term liabilities:
Mortgage note payable	22,100	20,600
Total liabilities	$ 42,300	$ 32,800
Stockholders Equity
Common stock	$ 21,100	$ 21,100
Retained earnings	26,200	12,200
Total stockholders equity	$ 47,300	$ 33,300
Total liabilities and stockholders equity	$ 89,600	$ 66,100

Calculate the average days collection ratio.

Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.