Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold: Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit Assets Cash 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 $1,116,000 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 $ 82,860 615,840 $ 698,700 61,290 Common shares, 160,000 shares. Retained earnings Total liabilities and equity 637,410 $ 478,590 288,360 $ 190,230 12,900 $ 177,330 19,614 $ 157,716 Long-term note payable, secured by mortgage on plant $ 23,700 26,280 53,580 12,060 61,290 6,060 334,020 $516,990 $ 49,440 6,540 7,410 118,500 199,500 135,600 $516,990 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 $440,220, common shares were $199,500, and retained earnings were $112,140

Assume all sales were on credit Also ossume the long term note payable is due in 2026 , with no current portion. On the December 31 2022 . balance sheet the assets totalled $440,220, common shares were $199,500, and retained earnings were $112140 Assume all sales were on credit Also ossume the long term note payable is due in 2026 , with no current portion. On the December 31 2022 . balance sheet the assets totalled $440,220, common shares were $199,500, and retained earnings were $112140