Question
F.43) Hey this is one of the last questions on my quiz and I would like to get done with this assignment, can you please
F.43) Hey this is one of the last questions on my quiz and I would like to get done with this assignment, can you please help me?
Income statement and balance sheet data for Great Adventures, Incorporated, are provided below.
GREAT ADVENTURES, INCORPORATED | ||
Income Statement | ||
For the Year Ended December 31, 2025 | ||
Net sales revenues | $ 176,690 | |
---|---|---|
Interest revenue | 240 | |
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 | 139,051 | |
Net income | $ 37,879 |
GREAT ADVENTURES, INCORPORATED | ||
Balance Sheets | ||
December 31, 2025 and 2024 | ||
2025 | 2024 | |
---|---|---|
Assets | ||
Current assets: | ||
Cash | $ 231,844 | $ 64,620 |
Accounts receivable | 48,680 | 0 |
Inventory | 8,200 | 0 |
Other current assets | 1,020 | 4,980 |
Long-term assets: | ||
Land | 620,000 | 0 |
Buildings | 830,000 | 0 |
Equipment | 74,360 | 46,000 |
Accumulated depreciation | (26,450) | (8,300) |
Total assets | $ 1,787,654 | $ 107,300 |
Liabilities and Stockholders Equity | ||
Current liabilities: | ||
Accounts payable | $ 22,000 | $ 3,040 |
Interest payable | 1,050 | 810 |
Income tax payable | 15,100 | 14,120 |
Other current liabilities | 24,600 | 0 |
Notes payable (current) | 60,137 | 0 |
Notes payable (long-term) | 586,478 | 31,200 |
Stockholders equity: | ||
Common stock | 132,000 | 24,080 |
Paid-in capital | 1,013,200 | 0 |
Retained earnings | 59,089 | 34,050 |
Treasury stock | (126,000) | 0 |
Total liabilities and stockholders equity | $ 1,787,654 | $ 107,300 |
As you can tell from the financial statements, 2025 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 2025. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.)
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