Outdoor Waterworks Inc. Income Statement For Year Ended December 31, 2023 Net sales Cost of goods...

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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 $1,016,000 $ 77,860 605,840 $ 683,700 59,790 623,910 $ 392,090 278,360 $ 113,730 11,900 $ 101,830 19,114 $ 82,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 12 Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets $ 22,700 25,080 52,580 11,060 59,790 5,860 329,020 $506,090 Liabilities and Equity Accounts payable $ 49,040 Accrued wages payable 6,340 Income taxes payable 7,110 Long-term note payable, secured by mortgage on plant 115,500 Common shares, 160,000 shares 194,500 Retained earnings 133,600 Total liabilities and equity $506,090 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 $435,220, common shares were $194,500, and retained earnings were $109,140. 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 274 to 1 b. Quick ratio 1.69 to 1 C Days' sales uncollected i 18 89 days d Inventory turnover 10 44 times e. Days' sales in inventory 34 98 days Ratio of pledged plant assets to secured i 1 285 to liabilities 9 Times interest earned 956 times h Profit margin L Total asset turnover 8.14% 2.16 times Return on total assets. 17.57 % k Return on common shareholders' equity 26 19 % 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 $1,016,000 $ 77,860 605,840 $ 683,700 59,790 623,910 $ 392,090 278,360 $ 113,730 11,900 $ 101,830 19,114 $ 82,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 12 Assets Cash Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets $ 22,700 25,080 52,580 11,060 59,790 5,860 329,020 $506,090 Liabilities and Equity Accounts payable $ 49,040 Accrued wages payable 6,340 Income taxes payable 7,110 Long-term note payable, secured by mortgage on plant 115,500 Common shares, 160,000 shares 194,500 Retained earnings 133,600 Total liabilities and equity $506,090 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 $435,220, common shares were $194,500, and retained earnings were $109,140. 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 274 to 1 b. Quick ratio 1.69 to 1 C Days' sales uncollected i 18 89 days d Inventory turnover 10 44 times e. Days' sales in inventory 34 98 days Ratio of pledged plant assets to secured i 1 285 to liabilities 9 Times interest earned 956 times h Profit margin L Total asset turnover 8.14% 2.16 times Return on total assets. 17.57 % k Return on common shareholders' equity 26 19 %