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The 2020 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales $976,000 Cost
The 2020 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2020 Net sales $976,000 Cost of goods sold: Inventory, Dec. 31, 2019 Purchases $ 75,86o 601,840 $677,700 59,190 618,510 $357,490 274,360 $ 83,130 11,500 $ 71,630 18,914 $ 52,716 Goods available for sale Inventory, Dec. 31, 2020 Cost of goods sold Gross profit from sales Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit Outdoor Waterworks Inc. Balance Sheet December 31, 2020 Assets $ 22,300 24,600 52,180 10,660 100 Cash Current non-strategic investments Accounts receivable, net Notes receivable AN 036. Inventory Prepaid expenses Plant and equipment, net 59,190 5,780 327,020 Total assets $501,730 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 $ 48,880 6,260 6,990 114,300 192,500 132,800 Total liabilities and equity $501,730 Assume all sales were on credit. Also assume the long-term note payable is due in 2023, with no cur 2019, balance sheet, the assets totalled $433,220, common shares were $192,500, and retained earn Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Rou places.) a. Current ratio to 1 to 1 b. Quick ratio c. Days' sales uncollected days Check my work 59,190 5,780 327,020 $501,730 $ 48,880 6,260 6,990 114,300 192,500 132,800 $501,730 long-term note payable is due in 2023, with no current portion. On the December 31, - common shares were $192,500, and retained earnings were $107,940. Do not round your intermediate calculations. Round the answers to 2 decimal to 1 to 1 days Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calcula places.) a. Current ratio to 1 b. Quick ratio to 1 c. Days' sales uncollected days d. Inventory turnover times days e. Days' sales in inventory f. Ratio of pledged plant assets to secured liabilities to 1 times g. Times interest earned h. Profit margin i. Total asset turnover times j. Return on total assets % k. Return on common shareholders' equity %
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