Problem 17-5A Calculation of financial statement ratios LO4 CHECK FIGURES: a. 2.81; b. 1.76; . 197, d. 9.2; e. 34.9; f. 2.86; g. 6.6; h. 4.7; i. 2.07; j. 9.7; k. 14.5 The 2017 financial statements of Outdoor Waterworks Inc. follow Outdoor Waterworks Inc. Income statement For Year Ended December 31, 2017 Outdoor Waterworks Inc. Balance Sheet December 31, 2017 000 Assets $ 22,200 Cost of goods sold: Inventory. Dec. 31. 2016 Purchases Goods avallable for sale Inventory. Dec. 31, 2017 Cost of goods sold Gross profit trom sales Operating expenses Cash $75,360 Current non-strategic investments 600,840 $676.200 59,0 Accounts recevable, net Notes recevable 52,080 10,560 54.040 5,760 326,520 40 Inventory 617.160 Prepaid expenses $348.840 273.360 $75.480 Plant and equipment, net Total assets Liablltties and Equlty Accounts payable Interest expense Profit before Income taxes $ 48,840 6,240 6,960 64.080 Accrued wages payable 18,864 Income taxes payable Long term note payable, secured by $ 45.216 114,000 Common shares, 160,000 shares Retained eamings Total liablities and equity 192,000 Click here for a description of Tables: Problem 17-5A Assume all sales were on credit. Also assume the long-term note payable is due in 2020, with no current portion. On the December 31, 2016, balance sheet, the assets totalled $432,720, common shares were $192,000, and retained earnings were $107,640. Required Calculate the following: (a) current ratio, (b) quick ratio, (c) days' sales uncollected, (d) turnover, (e) days' sale times interest earned, (h) profit margin,() total asset turnover, G) return on total assets, and (k) return on common shareholders' equit Analysis Component: Identify whether the ratios calculated above compare favourably or to the industry averages in Exhibit 17.11