he 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,156,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 84,860 Purchases 619,840 Goods available for sale $ 704,700 Inventory, Dec. 31, 2023 61,890 Cost of goods sold 642,810 Gross profit from sales $ 513,190 Operating expenses 292,360 Operating profit $ 220,830 Interest expense 13,300 Profit before taxes $ 207,530 Income taxes 19,814 Profit $ 187,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 24,100 Current non-strategic investments 26,760 Accounts receivable, net 53,980 Notes receivable 12,460 Inventory 61,890 Prepaid expenses 6,140 Plant and equipment, net 336,020 Total assets $ 521,350 Liabilities and Equity Accounts payable $ 49,600 Accrued wages payable 6,620 Income taxes payable 7,530 Long-term note payable, secured by mortgage on plant 119,700 Common shares, 160,000 shares 201,500 Retained earnings 136,400 Total liabilities and equity $ 521,350 Assume all sales were on credit. Also assume the long-term note payable is due in 2026, with no current portion. On the December 31, 2022, balance sheet, the assets totalled $442,220, common shares were $201,500, and retained earnings were $113,340. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.)