The 2020 financial statements of Outdoor Waterworks Inc. follow: Assume all sales were on credit. Also assume the long-term note payable is due in 2023 , with no current portion. On the December 31 , 2019 , balance sheet, the assets totalled $435,720, common shares were $195,000, and retained earnings were $109,440. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages