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Item 9

	LOGIC COMPANY
	Comparative Income Statement
	For Years Ended December 31, 2017 and 2018
		2018			2017
	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	$	7,170		$	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, 2017 and 2018
		2018			2017
	Assets
	Current assets:
	Cash	$	11,900		$	8,900
	Accounts receivable		16,400			12,400
	Merchandise inventory		8,400			13,900
	Prepaid expenses		23,900			9,900
	Total current assets	$	60,600		$	45,100
	Plant and equipment:
	Building (net)	$	14,400		$	10,900
	Land		13,400			8,900
	Total plant and equipment	$	27,800		$	19,800
	Total assets	$	88,400		$	64,900
	Liabilities
	Current liabilities:
	Accounts payable	$	12,900		$	6,900
	Salaries payable		6,900			4,900
	Total current liabilities	$	19,800		$	11,800
	Long-term liabilities:
	Mortgage note payable		21,900			20,400
	Total liabilities	$	41,700		$	32,200
	Stockholders Equity
	Common stock	$	20,900		$	21,000
	Retained earnings		25,800			11,700
	Total stockholders equity	$	46,700		$	32,700
	Total liabilities and stockholders equity	$	88,400		$	64,900

Calculate the average days collection. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.)