Answered step by step
Verified Expert Solution
Question
1 Approved Answer
$193,410 400 Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $39,900 Operating expenses 68,480
$193,410 400 Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $39,900 Operating expenses 68,480 Depreciation expense 18,650 Interest expense 10,276 Income tax expense 15,900 Total expenses Net income 153,206 $ 40,604 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ 300,210 $ 64,780 50, 120 9,800 0 1,180 5,620 780,000 870,000 90,840 54,000 (28,050) (8,700) $2,074,100 $115,700 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity $ 23,600 1,450 15,900 29,400 76,301 733,955 $ 3,360 890 14,280 8 32,800 148,000 29,520 1,158,800 60,694 34,850 (174,000) $2,074,100 $115,700 2. Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.) b Gross profit ratio (Hint: Usenet sales revenues) Return on assets Profit margin. (Hint: Use net sales revenues) Asset turnover (Hint: Use net sales revenues) Return on equity C d. % times 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started