The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $1,106,000 Cost of goods sold: Inventory, Dec. 31, 2022 Purchases $ 82,360 614,840 Goods available for sale Inventory, Dec. 31, 2023 Cost of goods sold $ 697,200 61,140 636,060 Gross profit from sales $ 469,940 Operating expenses 287,360 Operating profit $ 182,580 Interest expense 12,800 Profit before taxes $ 169,780 Income taxes 19,564 Profit $ 150,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 23,600 Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses 26,160 53,480 11,960 61,140 6,040 Plant and equipment, net 333,520 Total assets $515,900 Liabilities and Equity Accounts payable $ 49,400 Accrued wages payable 6,520 Income taxes payable 7,380 Long-term note payable, secured by mortgage on plant 118,200 Common shares, 160,000 shares. 199,000 Retained earnings 135,400 ties and Equity Accounts payable $ 49,400 Accrued wages payable 6,520 Income taxes payable 7,380 Long-term note payable, secured by mortgage on plant 118,200 Common shares, 160,000 shares 199,000 Retained earnings 135,400 Total liabilities and equity $515,900 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 $439,720, common shares were $199,000, and retained earnings were $111,840. 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 f. Ratio of pledged plant assets to secured liabilities g. Times interest earned to 1 to 1 days times days to 1 times h. Profit margin i. Total asset turnover % times j. Return on total assets % k. Return on common shareholders' equity % Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages. a. Current ratio b. Quick ratio c. Days' sales uncollected d. Inventory turnover e. Days' sales in inventory Industry Average 1.6:1 1.1:1 21 days 5 times 70 days 50 times f. Ratio of pledged plant assets to secured liabilities 1.4:1 g. Times interest earned h. Profit margin i. Total asset turnover j. Return on total assets k. Return on common shareholders' equity 14 % 2.3 times 20 % 32.7%