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 $197,590 Net sales revenues 440 Interest revenue Expenses: Cost of goods sold Operating expenses Depreciation expense $40,100 70,920 18,850 10,775 16,100 Interest expense Income tax expense Total expenses 156,745 $ 41,285 Net income GREAT ADVENTURES, INc. Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Current assets: Cash $ 317,302 $64,820 Accounts receivable 50,480 Inventory Other current assets 10,200 1,220 5,780 Long-term assets: Land 820,000 880,000 94,960 (28,450) $2,145,712 Buildings Equipment Accumulated depreciation 56,000 (8,800) $117,800 Total assets Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity Current liabilities: Accounts payable 24,000 1,550 16,100 30, 600 80, 342 770, 825 3,440 Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: 910 14,320 33,200 Common stock 152, 000 1,195, 200 61,095 (186,000) $2,145,712 30, 88e Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders equity 35,050 $117,800 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.) Receivables turnover ratio. (Hint: Use net sales revenues for net credit sales) a. times Average collection period b. days Inventory turnover ratio . times Average days in inventory days Current ratio e. to 1 Acid-test ratio. (Hint: There are no current investments) to 1 Debt to equity ratio % h. Times interest earned ratio. times