The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods sold: Inventory, Dec. 31, 2022 Purchases Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold Gross profit from sales Operating expenses Operating profit Interest expense Profit before taxes Income taxes Profit Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity Accounts payable Accrued wages payable Income taxes payable $1,006,000 $ Common shares, 160,000 shares Retained earnings Total liabilities and equity $ Outdoor Waterworks Inc. Balance Sheet December 31, 2023 $ 622,560 $ 383,440 277,360 106,080 11,800 $ $ 77,360 604,840 682,200 59,640 94,280 19,064 75,216 Long-term note payable, secured by mortgage on plant $ 22,600 24,960 52,480 10,960 59,640 5,840 328,520 $505,000 $ 49,000 6,329 7,980 115, 200 194,000 133,400 $505,000 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 $434,720, common shares were $194,000, and retained earnings were $108,840.

The 2023 financial statements of Outdoor Waterworks inc. follow Assume all sales were on credi. Also assume the longterm note payable is due in 2026 . wah no curicht portion. On the bectinbee 31 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 $434,720, common shares were $194.000, and retained earnings were $108,840. Required: Calculate the following. (Use 305 days In o year, Do not round your Intermedlate colculatlons. Round the onswers to 2 decimal ploces.)