The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 996,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 76,860 Purchases 603,840 Goods available for sale $ 680,700 Inventory, Dec. 31, 2023 59,490 Cost of goods sold 621,210 Gross profit from sales $ 374,790 Operating expenses 276,360 Operating profit $ 98,430 Interest expense 11,700 Profit before taxes $ 86,730 Income taxes 19,014 Profit $ 67,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 22,500 Current non-strategic investments 24,840 Accounts receivable, net 52,380 Notes receivable 10,860 Inventory 59,490 Prepaid expenses 5,820 Plant and equipment, net 328,020 Total assets $ 503,910 Liabilities and Equity Accounts payable $ 48,960 Accrued wages payable 6,300 Income taxes payable 7,050 Long-term note payable, secured by mortgage on plant 114,900 Common shares, 160,000 shares 193,500 Retained earnings 133,200 Total liabilities and equity $ 503,910 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 $434,220, common shares were $193,500, and retained earnings were $108,540. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages. Are my answers correct? if no pls correct them and send. Thank You