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How can I do this? Thank you. Income statement and balance sheet data for Great Adventures, Inc., are provided below. $ 205,950 520 GREAT ADVENTURES,
How can I do this? Thank you.
Income statement and balance sheet data for Great Adventures, Inc., are provided below. $ 205,950 520 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $40,500 Operating expenses 75,800 Depreciation expense 19,250 Interest expense 11,773 Income tax expense 16,500 Total expenses Net income 163,823 $ 42,647 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,900 351,486 51,200 11,000 1,300 6,100 900,000 900,000 103,200 (29,250) $2,288,936 60,000 (9,000) $122,000 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 $ $ 3,600 950 14,400 24,800 1,750 16,500 33,000 88,424 844,565 34,000 33,600 160,000 1,268,000 61,897 (210,000) $2,288,936 35,450 $122,000 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. 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) Return on equity. times d. eStep by Step Solution
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