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value: 2.00 points Great Adventures Problem 12-1 Part 1 Required: 1. Calculate the following risk ratios for 2020. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) a Receivables turnover ratio 21.74 times b. Average collection period 16.79 days C. Inventory turnover ratio 4.24 times d. Average days in inventory 86.08 days e. Current ratio 5.73 to 1 f. Acid-test ratio to 1 g. Debt to equity ratio h. Times interest earned ratio 7.62 timesReferences Worksheet Great Adventures Problem 12-1 Part 1 Difficulty: 3 Hard Check my work value: 1.00 points Great Adventures Problem 12-1 Part 2 2. Calculate the following profitability ratios for 2020. (Round your answers to 2 decimal places.) a. Gross profit ratio (on the MU watches) % b. Return on assets % C. Profit margin d. Asset turnover times e. Return on equity % References Worksheet Great Adventures Problem 12-1 Part 2 Difficulty: 3 Hard Check my workGreat Adventures Problem 12-1 [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, 2020 Revenues: Service revenue (clinic, racing, TEAM) $525,000 Sales revenue (MU watches) 100,000 Total revenues $625,000 Expenses: Cost of goods sold (MU watches) 61,000 Operating expenses 303,376 Depreciation expense 41,000 Interest expense 28,824 Income tax expense 51,600 Total expenses 485,800 Net income $139,200 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase (1) or 2020 2019 Decrease (D) Assets Current assets: Cash $ 301,714 $ 129,000 172,714 (1) Accounts receivable 31,500 26,000 5,500 (1) Inventory 15,650 13,100 2,550 (1) Other current assets 11,650 10,100 1,550 (1) Long-term assets Land 300,000 300,000 (1) Buildings 1,100,000 1,100,000 (1) Equipment 56,000 56,000 Less: Accumulated depreciation (64,000) (23,000) 41,000 (1)GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase (1) or 2020 2019 Decrease (D) Assets Current assets: Cash $ 301,714 $ 129,000 172,714 (1) Accounts receivable 31,500 26,000 5,500 (1) Inventory 15,650 13,100 2,550 (1) Other current assets 11.650 10.100 1.550 (1) Long-term assets Land 300,000 300,000 (1) Buildings 1,100,000 1,100,000 (1) Equipment 56,000 56,000 Less: Accumulated depreciation (64,000) 23,000) 41,000 (1) Total assets $ 1,752,514 $ 211,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $10,650 $8,100 2,550 (1) Interest payable 660 660 Income tax payable 51,600 33,500 18,100 (1) Long-term liabilities: Notes payable 397,964 25,500 372,464 (1) Stockholders' equity: Common stock 125,000 25,000 100,000 (1) Paid-in capital 1,106,000 0 1,106,000 (1) Retained earnings 138,640 118,440 20,200 (1) Treasury stock (78,000) (78,000) (1) Total liabilities and stockholders' equity $ 1,752,514 $ 211,200 As you can tell from the financial statements, 2020 was an especially busy year. Tony and Suzie were able to use the $1.2 million received from the issuance of 100,000 shares of stock to hire a construction company for $1 million to build the cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their firstborn son, little Venture Matheson. Assume all sales and services are on credit. References
