The 2020 financial statements of Outdoor Waterworks Inc. follow:

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

Outdoor Waterworks Inc.
Balance Sheet
December 31, 2020
Assets
Cash	$	22,700
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	$	49,040
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

The 2020 financial statements of Outdoor Waterworks Inc. follow: 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 Outdoor Waterworks Inc. Balance Sheet December 31, 2020 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 Long-term note payable, secured by mortgage on plant Common shares, 160,000 shares Retained earnings Total liabilities and equity $ 22,700 25,080 52,580 11,060 59,790 5,860 329,020 $506,090 $ 49,040 6,340 7, 110 115,500 194,500 133,600 $ 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 December 31, 2019, balance sheet, the assets totalled $435,220, common shares were $194,500, and retained earnings were $109,140. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) a. Current ratio to 1 to 1 days times days to 1 b. Quick ratio c. Days' sales uncollected d. Inventory turnover e. Days' sales in inventory f. Ratio of pledged plant assets to secured liabilities g. Times interest earned h. Profit margin i. Total asset turnover j. Return on total assets k. Return on common shareholders' equity times % times % % Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages. a. Current ratio b. Quick ratio c. Days' sales uncollected d. Inventory turnover e. Days' sales in inventory f. Ratio of pledged plant assets to secured liabilities g. Times interest earned h. Profit margin i. Total asset turnover j. Return on total assets k. Return on common shareholders' equity Industry Average 1.6:1 1.1:1 21 days 5 times 70 days 1.4:1 50 times 14% 2.3 times 20 % 32.7 %