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 S 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 a. Current ratio to 1 b Quick ratio to 1 days times days to 1 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. Industry Average 1.6:1 1.1:1 a. Current ratio 21 days 5 times 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 70 days 1.4:1 50 times 14% 2.3 times 20% 32.7%