The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 1,026,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 78,360 Purchases 606,840 Goods available for sale $ 685,200 Inventory, Dec. 31, 2023 59,940 Cost of goods sold 625,260 Gross profit from sales $ 400,740 Operating expenses 279,360 Operating profit $ 121,380 Interest expense 12,000 Profit before taxes $ 109,380 Income taxes 19,164 Profit $ 90,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 22,800 Current non-strategic investments 25,200 Accounts receivable, net 52,680 Notes receivable 11,160 Inventory 59,940