GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020 Service revenue (clinic, racing, TEAM) Sales revenue (MU watches) $633,000 Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 491,400 $141,600 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Accounts receivable 13,300 200,000 () 0 1200,000 () 1746,090 $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable equity: 1106,000 () Retained earnings Total liabilities and stockholders' equity $1,746,090 As you can tel rom the financial statements, 2020 was an especially busy year. Tony and Suzie were able to use the $1.2 millon rece ed rom the issuance o 100 shares a stock to hire a construction company or and e oudoor swimming pool. They even put in e baby pool to celebrate tre birth ofther firstborn son. little venture Matheson. Assume ell sales and serices ere on credit. million to build the cabins, dini ac ities ro es course Required information 10.00 points Required: 1. Calculote the following risk ratios for 2020. (Use 365 days in a year. Round your Intermedlate calculations and final answers to 2 docimal places.) a. Receivables tumover ratio b. Average collection peniod c | Inventory turnover rato d. Average days in inventory e. Current ratio 1. Acid-test rato g Debt to equity rabo h Times interest eamed ratio days days Required information 10.00 points 2. Calculate the following profitablity ratios for 2020.(Round your answers to 2 decimal places.) a Gross proft ratio on the MU watches b. Rturm on 888e08 c Proft margin d. Asset tumower e. Return on equity