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 $1,086,000 $ 81,360 612,840 $ 694,200 60,840 633,360 $ 452,640 285,360 $ 167,280 12,600 $ 154,680 19,464 $ 135,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 $ 23,400

The 2023 financial statements of Outdoor Waterworks Inc. follow: Assume all sales were on credit. Also assume the long-term note payable is dve in 2026, with no current portion. On the December 31. 2022 , balance sheet, the assets totalled $438,720, common shares were $198,000, and retained eamings were $111,240 Required: Required: Calculate the foliowna: (Use 365 davs in a vear. Do not round vour intermediate calculations. Round the answers to 2 decimal Required: Calculate the following: (Use 365 days in a year, Do not round your intermedate calculations. Round the arssurs to 2 giecimal places.) Analysis Component: Identify whether the ratios calculated above are favourable or unfavourable to the industry averages