D2L Assignn M Questio X M Questio + ezto.mheducation.com/ext/map/index.html?_con=co... R St 11 - Ch 17 Saved Help Save & Exit Submit 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: $1,096,000 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 $ 81,860 613,840 $ 695,700 60,990 634,710 $ 461,290 286,360 $ 174,930 12,700 $ 162,230 19,514 $ 142,716 Outdoor Waterworks Inc. Balance Sheet December 31, 2023 Assets Cash $ 23,500 Current non-strategic investments Accounts receivable, net Notes receivable Inventory Prepaid expenses Plant and equipment, net Total assets Liabilities and Equity 26,040 53,380 11,860 60,990 6,020 333,020 $514,810 Accounts payable $ 49,360 Accrued wages payable 6,500 Income taxes payable 7,350 Long-term note payable, secured by mortgage on plant 117,900 Common shares, 160,000 shares 198,500 Retained earnings 135,200 Total liabilities and equity $514,810 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 $439,220, common shares were $198,500, and retained earnings were $111,540. 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 Galaxy M34 5G uncollected to 1 to 1 days