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GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,800 308, 756 50, 300 10,000 1,200 5,700 800,000 875,000 92,900
GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,800 308, 756 50, 300 10,000 1,200 5,700 800,000 875,000 92,900 (28,250) $2,109, 906 55,000 (8,750) $116, 750 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 $ $ 3,400 900 14,300 23,800 1,500 16,000 30,000 78,321 752, 391 0 33,000 150,000 1,177,000 60, 894 (180,000) $2,109, 906 30, 200 0 34,950 $116, 750 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. Great Adventures Problem AP12-1 Part 1 Required: 1. Calculate the following risk ratios for 2022. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.) times days times days Receivables turnover ratio. (Hint: Use net sales revenues for net credit sales) Average collection period. Inventory turnover ratio. Average days in inventory. Current ratio. Acid-test ratio. (Hint: There are no current investments) Debt to equity ratio. Times interest earned ratio. to 1 to 1 h. times
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