GREAT ADVENTURES, INC.
Income Statement
For the year ended December 31, 2022
Net sales revenues				$	178,780
Interest revenue					260
Expenses:
Cost of goods sold	$	39,200
Operating expenses		59,940
Depreciation expense		17,950
Interest expense		8,530
Income tax expense		15,200
Total expenses					140,820
Net income				$	38,220

GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,640 @ 240,390 48,860 8,400 1,040 5,060 640,000 835,000 76,420 (26,650) $1,823,460 47,000 (8,350) $108,350 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 $ 3,080 820 14,140 22,200 1,100 15,200 25,200 62,157 604,913 31,400 24,760 134,000 1,031,400 59,290 (132,000) $1,823,460 34,150 $108,350 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. Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round your Intermediate calculations and final swers to 1 decimal place.) a. b. c. d. e Gross profit ratio. (Hint: Use net sales revenues) Return on assets. Profit margin. (Hint: Use net sales revenues) Asset turnover. (Hint: Use net sales revenues) Return on equity. times