Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Income statement and balance sheet data for Great Adventures, Inc., are provided below. All parts to one question so please answer both for 2022! Income
Income statement and balance sheet data for Great Adventures, Inc., are provided below.
All parts to one question so please answer both for 2022!
Income statement and balance sheet data for Great Adventures, Inc., are provided b $201,770 480 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $40,300 Operating expenses 73,360 Depreciation expense 19,050 Interest expense 11, 274 Income tax expense 16,300 Total expenses Net income 160, 284 $ 41,966 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ 334,394 50,840 10,600 1,260 $ 64,860 0 0 5,940 860,000 890,000 99,080 (28,850) $2,217,324 58,000 (8,900) $119,900 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 $ $ 3,520 930 14,360 24,400 1,650 16,300 31,800 84,383 807,695 33,600 32, 240 156,000 1,231,600 61,496 (198,000) $2,217,324 35,250 $119,900 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. equired: Calculate the following risk ratios for 2022. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 ecimal place.) a. times b. days c. times d. days 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. e to 1 f. to 1 g. % h. times . Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round your int nswers to 1 decimal place.) a. % b. % C. 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. times e e %Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started