LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $23,400 $18,300 999 100 $22,500 $18,208 10,998 7,400 $11,600 $10,800 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold 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 $ 1,140 $ 820 5,500 4,200 999 720 809 52e $ 8,438 $ 6,260 $ 3,179 $ 4,540 1. eee 720 $ 2,179 $ 3,820 868 1,528 $ 1,302 $ 2,292 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $11,480 $ 8,300 15,800 11,800 7,888 13,380 23,3ee 9,380 $58,380 $42,780 $13,880 $10,380 12,888 8,380 $26,680 $18,600 $84,989 $61,300 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 $12,300 $ 6,300 6,3ee 4, 3e9 $18,680 $10,680 21,388 19. Bee $39,900 $30, 480 $20,300 $20,300 24,78e 12,600 $45,eee $39,900 $84,980 $61,300 Calculate the average day's collection. (Use 360 days a year. Do not round Intermediate calculations. Round your answers to the nearest hundredth.) Answer is complete but not entirely correct. 2018 2017 Average day's collection 221.00 234.00 X