The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Haterworks 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 $1,036,000 $ 78,860 607,840 $ 686,700 60,090 626,610 $ 409,390 280,360 $ 129,030 12,100 $ 116,930 19,214 $ 97,716 Assets Cash Outdoor Waterworks Inc.. Balance Sheet December 31, 2023 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 Long-term note payable, secured by mortgage on plant Common shares, 160,000 shares Retained earnings Total liabilities and equity $ 22,900 25,320 52,780 11,260 60,090 5,900 330,020 $508,270 $ 49,120 6,380 7,170 116,100 195,500 134,000 $508,270 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 $436,220, common shares were $195,500, and retained earnings were $109.740. Required: Calculate the following: (Use 365 days in a year. Do not round your intermediate calculations. Round the answers to 2 decimal places.) a. Current ratio b. Quick ratio: c Days' sales uncollected d. Inventory turnover e. Days' sales in inventory Ratio of pledged plant assets to secured liabilities g Times interest earned h. Profit margin i. Total asset turnover Return on total assets to 1 to 1 days times days to 1 times. % times. k. Return on common shareholders' equity 96 Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages. a. Current ratio b. Quick ration Industry Average 1.6.1 1.11 c. Days' sales uncollected d. Inventory turnover e. Days' sales in inventory 21 days 5 times 70 days f. Ratio of pledged plant assets to secured liabilities 1.4:1 g. Times interest earned 50 times h. Profit margin 14 % i. Total asset turnover 2.3 times iReturn on total assets k. Return on common shareholders' equity 20 % 32.7 %