4 points Skipped The 2020 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales Cost of goods sold: Inventory, Dec. 31, 2019 Purchases Goods available for sale Inventory, Dec. 31, 2020 Cost of goods sold Gross profit from sales Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit $1,036,000 $ 78,860 607,840 $ 686,700 60,090 626,610 $ 409,390 280,360 $ 129,030 12,100 $ 116,930 19,214 $ 97,716 Mc Assets Cash Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable Long-term note payable, secured by mortgage on plant Common shares, 160,000 shares Retained earnings Total liabilities and equity $ 22,900 25,320 52,780 11,260 60,090 5,900 330,020 $508,270 $ 49,120 6,380 7,170 116,100 195,500 134,000 $508,270