Great Adventures Problem AP12-1 [The following information applies to the questions displayed below.) Income statement and balance sheet data for Great Adventures, Inc., are provided below. 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 2021 $ 64,640 0 0 5,060 0 0 47,000 (8,350) $108,350 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 Assets Current assets: Cash $ 240,390 Accounts receivable 48,860 Inventory 8,400 Other current assets 1,040 Long-term assets: Land 640,000 Buildings 835,000 Equipment 76,420 Accumulated depreciation (26,650) Total assets $1,823,460 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 22,200 Interest payable 1,100 Income tax payable 15, 200 Other current liabilities 25, 200 Notes payable (current) 62,157 Notes payable (long-term) 604,913 Stockholders' equity: Common stock 134,000 Paid-in capital 1,031,400 Retained earnings 59,290 Treasury stock (132,000) Total liabilities and $1,823,460 stockholders' equity $ 3,080 820 14,140 0 0 31,400 24,760 0 34,150 0 $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. Great Adventures Problem AP12-1 Part 2 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.) a. % b. % 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) C. % d. times e. Return on equity. %