The 2020 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales $1,656,000 Cost of goods sold: Inventory, Dec. 31, 2019 $ 79,860 Purchases 609,840 Goods available for sale $ 689,700 Inventory, Dec. 31, 2020 60,390 Cost of goods sold 629,310 Gross profit from sales $ 426,690 Operating expenses 282,360 Operating profit $ 144,330 Interest expense 12,300 Profit before taxes 132,030 Income taxes 19,314 Profit $ 112,716 $ EA- Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets Current non-strategic investments Accounts receivable, net $ 25, 100 25, 560 52,980 Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets Cash $ 23,100 Current non-strategic investments 25,560 Accounts receivable, net 52,980 Notes receivable 11,460 Inventory 60,390 Prepaid expenses 5,940 Plant and equipment, net 331,020 Total assets $ 510,450 Liabilities and Equity Accounts payable $ 49,200 Accrued wages payable 6,420 Income taxes payable 7,230 Long-term note payable, secured by mortgage on plant 116,700 Common shares, 160,000 shares 196,500 Retained earnings 134,400 Total liabilities and equity $ 510,450 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 $437.220. common shares were $196,500, and retained earnings were $110,340 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 $437,220, common shares were $196,500, and retained earnings were $110,340. 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 b. Quick ratio c Days' sales uncollected d Inventory tumover e Days sales in inventory f. Ratio of pledged plant assets to secured liabilities g. Times interest eamed h. Profit margin i. Total asset turnover 1. Return on total assets k. Return on common shareholders equity to 1 times % times Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages Industry Average 1.6:1 a. Current ratio b. Quick ratio 21 days 5 times 70 days 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 1.41 50 times 14% 2.3 times 20 % j. Return on total assets 7