The 2023 financial statements of Outdoor Waterworks Inc. follow: Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages. Assume all sales were on credit. Also assume the long-term note payable is due in 2026, with no current portion. On the December 31 , 2022 , balance sheet, the assets totalled $436,720, common shares were $196,000, and retained earnings were $110,040. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets $23,00025,44052,88011,36060,2405,920330,520$509,360 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 $49,160 6,400 7,200 Total liabilities and equity 116,400 196,000 $509,360134,200