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 Prepaid expenses 5,880 Plant and equipment, net 329,520 Total assets $ 507,180 Liabilities and Equity Accounts payable $ 49,080 Accrued wages payable 6,360 Income taxes payable 7,140 Long-term note payable, secured by mortgage on plant 115,800 Common shares, 160,000 shares 195,000 Retained earnings 133,800 Total liabilities and equity $ 507,180 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 $435,720, common shares were $195,000, and retained earnings were $109,440. 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