Income statement and balance sheet data for Great Adventures, Inc., are provided below. $197,590 440 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $40,100 Operating expenses 70,920 Depreciation expense 18,850 Interest expense 10,775 Income tax expense 16,100 Total expenses Net income 156,745 $ 41,285 2022 2021 $ 317,302 $ 64,820 50,480 10,200 @ 1,220 5,780 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 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) Nintenski lantar 820,000 880,000 94,960 (28,450) $2,145,712 @ 56,000 (8,800) $117,800 $ 24,000 1,550 16,100 30,600 80, 342 $ 3,440 910 14,320 o 0 AA 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 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-tern) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity $ 317,302 $ 64,820 50,480 10,200 1,220 5,789 820,000 880,000 94,960 56,000 (28,450) (8,800) $2,145,712 $117,800 24,000 $ 3,440 1,550 910 16,100 14,320 30,600 80,342 0 770,825 33,200 152,000 30,880 1,195,200 61,095 35,050 (186, 000) @ 52, 145,712 $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, Required: 1. Calculate the following risk ratios for 2022. (Use 365 days in a vear Round in 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.) a ces b times days d. times Receivables turnover ratio (Hint: Use net sales revenues for net credit sales) Average collection period. Inventory turnover ratio. Average days in inventory Current ratio Acid-test ratio (Hint: There are no current investments) Debt to equity ratio Times interest earned ratio days to 1 to 1 1. g. h. times 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 % % d 0. times %
