The 2020 financial statements of Outdoor Waterworks Inc, follow 104.01 Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales $1,016,000 Cost of goods sold: Inventory, Dec. 31, 2019 $ 77,860 Purchases 605,840 Goods available for sale $ 683,700 Inventory, Dec. 31, 2020 59,790 Cost of goods sold 623,910 Gross profit from sales 392,090 Operating expenses 278, 360 Operating profit $ 113,730 Interest expense 11,900 Profit before taxes $ 101,830 Income taxes 19, 114 Profit 82,716 $ $ TA Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable $ 22,700 25,080 52,580 11,860 59,798 Pratit 32,216 6 8 0103:52 outdoor waterworks Inc. alance Sheet December 31, 2020 Assets Cash $ 22,790 Current non-strategic investments 25,080 Accounts receivable, net 52,580 Notes receivable 11,060 Inventory 59,790 Prepaid expenses 5,860 Plant and equipment, net 329,020 Total assets $506,090 Liabilities and Equity Accounts payable $ 49,40 Accrued wages payable 6,340 Income taxes payable 7,110 Long-term note payable, secured by mortgage on plant 115,500 Common shares, 160,000 shares 194,500 Retained earnings 133,600 Total liabilities and equity $506,090 Assume all sales were on credit. Also assume the long-term note payable is due 2019, balance sheet, the assets totalled $435,220, common shares were $194.5 Required: Calculate the following: (Use 365 days in a year. Do not round your intermedie Total assets 3.506,090 Liabilities and Equity Accounts payable $ 49,040 Accrued wages payable fi, 140 Income taxes payable 7,119 Long-term note payable, secured by mortgage on plant 115.500 Common shares, 160,000 shares 194,500 Retained earnings 133,600 Total Habilities and equity $506,090 Assume all sales were on credit. Also assume the long-term note payable is due in 2023, with no current portion. On the Dec 2019, balance sheet, the assets totalled $435,220, common shares were $194,500, and retained earnings were $109140. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 de