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. CREAT ADVENTURES, INC Income Statement For the year ended December 31, 2022 Set sales revenues $191, 320 380 Cost of goods sold Operating expenes Depreciation expense Interest expense Income tax expense $39, 800 61,260 1B,550 10,027 15,800 151,437 $ 40,263 Total expenses Net income CREAT ADVENTURES, INC Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Current assets Cash $ 291,664 $ 64,760 Accounts receivable Other current assets Land 49,940 9, 600 1,160 5, 540 Long-term as ets 760,000 865,000 BB, 780 (27, 850) $2,038,294 53,000 (B, 650) $114, 650 Aecumulated depreciation Total assets Liabilities and 3toetholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) $ 23,400 $ 3,320 BB0 14, 260 1,400 15, B00 2B,800 74, 281 715, 520 Notes payable (long-term) Stoctholder equity: 32, 600 146,000 2, 840 60,493 34,750 $2,038,294 $114, 650 Common stoc Paid-in capital 1,140, 600 Treasury tock 168,000 Total liabilities and stoctholders equity As you can tell from the financial statements, 2022 was an especlally busy year. Tony and Suzle were able to use the money recelved from borrowing and the issuance of stock to buy land and begin construction of cablns, dining faciltties, ropes course, and the outdoor swimming pool. They even put In a baby pool to celebrate the blrth of thelr first child. Great Adventures Problem AP12-1 Part 2 2 Calculate the following profitablity ratlos for 2022 (Use 365 days In a year. Round your Intermedlate calculations and final answers to 1 decimal place.) Gross profit ratio. (Hint: Use net sales b. Return on assets c. Profit margin. (Hint: Use net sales revenues) d. Asset turnover. (Hint: Use net sales revenues) e. Return on equity times