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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

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) $541,000
Sales revenue (MU watches) 116,000
Total revenues $657,000
Expenses:
Cost of goods sold (MU watches) 69,000
Operating expenses 304,176
Depreciation expense 49,000
Interest expense 29,624
Income tax expense 56,400
Total expenses 508,200
Net income $148,800

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
2020 2019 Increase (I) or Decrease (D)
Assets
Current assets:
Cash $ 248,618 $ 137,000 111,618 (I)
Accounts receivable 43,500 34,000 9,500 (I)
Inventory 16,850 13,900 2,950 (I)
Other current assets 12,850 10,900 1,950 (I)
Long-term assets:
Land 350,000 0 350,000 (I)
Buildings 1,200,000 0 1,200,000 (I)
Equipment 64,000 64,000
Less: Accumulated depreciation (74,000) (25,000) 49,000 (I)
Total assets $ 1,861,818 $ 234,800
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $11,850 $8,900 2,950 (I)
Interest payable 740 740
Income tax payable 56,400 37,500 18,900 (I)
Long-term liabilities:
Notes payable 481,868 29,500 452,368 (I)
Stockholders' equity:
Common stock 130,000 30,000 100,000 (I)
Paid-in capital 1,105,500 0 1,105,500 (I)
Retained earnings 152,460 128,160 24,300 (I)
Treasury stock (77,000) 0 (77,000) (I)
Total liabilities and stockholders' equity $ 1,861,818 $ 234,800

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.

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Great Adventures Problem 12-1 Part1 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.) Answer is complete but not entirely correct. Receivables turnover ratio Average collection 16.95times 21.53days .49 times 81.29days 4.66to1 23to1 0.42 X% 9.58 times riod C. Inventory turnover ratio Average days in d. nven Current ratio Acid-test ratio Debt to equity ratio Times interest earned ratio 9 h

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