S 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 $1,036,000 $ 78,860 607,840 $ 686,700 60,090 626,610 $ 409,390 280,360 $ 129,030 Interest expense 12,100 Profit before taxes. $ 116,930 Income taxes 19,214 Profit $ 97,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets Cash $ 22,900 Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable 25,320 52,780 11,260 60,090 5,900 330,020 $508,270 $ 49,120 300 < Prev