Check my work $126.690 240 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $39,100 Operating expenses 58, 720 Depreciation expense 17,850 Interest expense 8, 281 Income tax expense 15,100 Total expenses Net income 139,051 $ 37,879 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,620 231,844 48,680 8,200 1,020 4,980 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 620,000 830,000 74.360 (26,450) $1,787,654 46,000 (8,300) $107,300 $ 22,000 1,050 $ 3,040 810 Problem Chapters 7-12 Saved Help Save & Exit Check 48,680 8,200 1,020 4,980 620,000 830,000 74,360 (26,450). $1,787,654 46,000 (8,300) $107, 300 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 $ 22,000 1,050 15, 100 24,600 60,137 586, 478 3,040 810 14,120 0 31,200 24,080 132,000 1,013,200 59,089 (126,000). $1,787,654 34,050 $307,300 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child. 2. Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round your intermediate calculations final answers to 1 decimal place.) 24,080 Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 132,000 1,013,200 59,089 (126,000) $1,787,654 34,050 $107,300 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use the money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their first child. 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. c. d. 0. Gross profit ratio. (Hint: Use net sales revenues) Return on assets. Profit margin. (Hint Usenet sales revenues) Asset turnover (Hint: Use net sales revenues) Return on equity