As you can tell from the financial statements, 2020 was an especially busy year. Tony and Suzie were able to use the $1.2 million received from the issuance of 100,000 shares of stock to hire a construction company for $1 million to build the cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their firstborn son, little Venture Matheson. Assume all sales and services are on credit.

GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020 Revenues: Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) $557,000 132,000 Total revenues $689,000 Expenses: Cost of goods sold (MU watches) Operating expenses Depreclation expense Interest expense Income tax expense 77,000 304,976 57,000 30,424 61,200 Total expenses 530,600 Net Income $158,400 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase () or Decrease (D) 2020 2019 Assets Current assets: Accounts recelvable Inventory Other current assets 00,022 $ 55,500 18,050 14,050 145,000 42,000 14,700 11,700 155,022 () 13,500 () 3,350 () 2,350 () Long-term assets 500,000 () 0 1,100,000 () 500,000 1,100,000 72,000 (84,000) 0 Bulldings Equipment Less: Accumulated depreclation 72,000 (27,000) 57,000 () Total assets $ 1.975,622 258,400 Liabilities and Stockholders' Equity Current llabilitles: Accounts payable Interest payable Income tax payable $13,050 820 61,200 $9,700 820 41,500 3,350 () 19,700 ) 532,272 () Long-term liabiltles: Notes payable 565,772 33,500 Stockholders' equity Common stock Pald-In capital Retalned earnings Treasury stock 125,000 1,105,500 186,780 (82,500) 25,000 100,000 () 0 1,105,500 () 38,900 (I) (82,500) () 147,880 0 Total labilities and stockholders' equity $ 1,975,622 $258,400 Great Adventures Problem 12-1 Part 1 Required 1. Calculate the following risk ratios for 2020. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) a. Receivables turnover ratio b. Average collection period c. Inventory turnover ratio d. Average days in inventony e. Current ratio f. Acid-test ratio g. Debt to equity ratio h. Times interest earned ratio times days times days to 1 to 1 times