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Problem
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017
2017
2016
Gross sales
22,000
17,250
Sales returns and allowances
1,000
100
Net sales
21,000
17,150
Cost of merchandise (goods) sold
11,250
8,250
Gross profit
9,750
8,900
Operating expenses:
Depreciation
750
Selling and administrative
4,450
3,500
Research
850
650
Miscellaneous
660
450
Total operating expenses
6,960
5,350
Income before interest and taxes
2,790
3,550
Interest expense
860
Income before taxes
1,930
2,900
Provision for taxes
772
1,160
Net income
1,158
1,740
LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017
Assets
Current assets:
Cash
13,500
10,500
Accounts receivable
18,000
14,000
Merchandise inventory
10,000
15,500
Prepaid expenses
25,500
11,500
Total current assets
67,000
51,500
Plant and equipment:
Building (net)
15,900
12,500
Land
15,000
Total plant and equipment
30,900
23,000
Total assets
97,900
74,500
Liabilities
Current liabilities:
Accounts payable
14,500
8,500
Salaries payable
6,500
Total current liabilities
Long-term liabilities:
Mortgage note payable
23,600
Total liabilities
46,600
37,000
Stockholders' Equity
Common stock
22,500
22,600
Retained earnings
28,800
14,900
Total stockholders' equity
51,300
37,500
Total liabilities and stockholders' equity
Calculate the average day's collection ratio.
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