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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 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 Current assets: Cash Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Common stock Retained earnings: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500 $ 820 3,100 670 480 2023 $5,070 $ 2,430 680 $ 1,750 700 $ 1,050 2022 $ 15,900 100 2022 $ 15,800 8,700 $ 7,100 $ 660 2,600 560 360 $4,180 $ 2,920 560 $ 2,360 944 $ 1,416 2023 $ 12,500 17,100 9,100 24,600 $ 63,300 $ 15,000. 14,100 $29,100 $ 92,400 $ 13,600 7,500 $ 21,100 22,500 $43,600 2022 $ 9,600 13,100 14,600 10,600 $ 47,900 Days $ 11,600 9,600 $ 21,200 $ 69,100 Calculate the average day's collection ratio. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth. $ 7,600 5,600 $ 13,200 21,100 $34,300 $ 21,700 27,100 $ 21,700 13,100 $ 48,800 $ 34,800 $ 92,400 $ 69,100

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 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 Current assets: Cash Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Common stock Retained earnings: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500 $ 820 3,100 670 480 2023 $5,070 $ 2,430 680 $ 1,750 700 $ 1,050 2022 $ 15,900 100 2022 $ 15,800 8,700 $ 7,100 $ 660 2,600 560 360 $4,180 $ 2,920 560 $ 2,360 944 $ 1,416 2023 $ 12,500 17,100 9,100 24,600 $ 63,300 $ 15,000. 14,100 $29,100 $ 92,400 $ 13,600 7,500 $ 21,100 22,500 $43,600 2022 $ 9,600 13,100 14,600 10,600 $ 47,900 Days $ 11,600 9,600 $ 21,200 $ 69,100 Calculate the average day's collection ratio. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth. $ 7,600 5,600 $ 13,200 21,100 $34,300 $ 21,700 27,100 $ 21,700 13,100 $ 48,800 $ 34,800 $ 92,400 $ 69,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 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 Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500 $ 820 3,100 670 480 2023 $ 5,070 $ 2,430 680 $ 1,750 700 $ 1,050 2022 $ 15,900 100 $15,800 8,700 $ 7,100 2022 $ 660 2,600 560 360 $4,180 $ 2,920 560 $ 2,360 944 $ 1,416 2023 $ 12,500 17,100 9,100 24,600 $ 63,300 $ 15,000 14,100 $29,100 $ 92,400 $ 13,600 7,500 $ 21,100 22,500 $43,600 2022 $ 9,600 13,100 14,600 10,600 $ 47,900 Days $ 11,600 9,600 $ 21,200 $ 69,100 Calculate the average day's collection ratio. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth. $ 7,600 5,600 $ 13,200 21,100 $34,300 $ 21,700 $ 21,700 27,100 13,100 $ 48,800 $ 34,800 $ 92,400 $ 69,100
Transcribed Image Text:LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 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 Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500 $ 820 3,100 670 480 2023 $ 5,070 $ 2,430 680 $ 1,750 700 $ 1,050 2022 $ 15,900 100 $15,800 8,700 $ 7,100 2022 $ 660 2,600 560 360 $4,180 $ 2,920 560 $ 2,360 944 $ 1,416 2023 $ 12,500 17,100 9,100 24,600 $ 63,300 $ 15,000 14,100 $29,100 $ 92,400 $ 13,600 7,500 $ 21,100 22,500 $43,600 2022 $ 9,600 13,100 14,600 10,600 $ 47,900 Days $ 11,600 9,600 $ 21,200 $ 69,100 Calculate the average day's collection ratio. Note: Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth. $ 7,600 5,600 $ 13,200 21,100 $34,300 $ 21,700 $ 21,700 27,100 13,100 $ 48,800 $ 34,800 $ 92,400 $ 69,100
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