The 2023 financial statements of Outdoor Waterworks Inc. follow: Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales $ 986,000 Cost of goods sold: Inventory, Dec. 31, 2022 $ 76,360 Purchases 602,840 Goods available for sale $ 679,200 Inventory, Dec. 31, 2023 59,340 Cost of goods sold 619,860 Gross profit from sales $ 366,140 Operating expenses 275,360 Operating profit $ 90,780 Interest expense 11,600 Profit before taxes $ 79,180 Income taxes 18,964 Profit $ 60,216 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 22,400 Current non-strategic investments 24,720 Accounts receivable, net 52,280 Notes receivable 10,760 Inventory 59,340 Prepaid expenses 5,800 Plant and equipment, net 327,520 Total assets $ 502,820 Liabilities and Equity Accounts payable $ 48,920 Accrued wages payable 6,280 Income taxes payable 7,020 Long-term note payable, secured by mortgage on plant 114,600 Common shares, 160,000 shares 193,000 Retained earnings 133,000 Total liabilities and equity $ 502,820 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 $433,720, common shares were $193,000, and retained earnings were $108,240. 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.