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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
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. $178,780 260 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue 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 Net income 140,820 $ 38,220 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation $ 240,390 48,860 8,400 1,040 $ 64,640 0 0 5,060 640,000 835,000 76,420 (26,650) 0 0 47,000 (8,350 Great Adventures Problem AP12-1 Part 2 2. Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round you answers to 1 decimal place.) a. b. C. 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 % d d. e
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