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 $625,000 Total revenues Expenses: Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expense Income tax expense 61,000 303,376 41,000 28,824 51,600 Total expenses 485,800 Net income $139,200 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 2020 2019 Increase (1) or Decrease (D) $ Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Less: Accumulated depreciation 301,714 31,500 15,650 11,650 129,000 26,000 13,100 10,100 172,714 (1) 5,500 (1) 2,550 (0) 1,550 (0) 300,000 1,100,000 56,000 (64,000) 300,000 1,100,000 6 56,000 (23,000) 41,000 GREAT ADVENTURES INC Balance Sheets December 31, 2020 and 2019 2020 2019 Increase Decrease Current assets 7214 301714 31.500 15.650 11650 129.000 26.000 Accounts receivable Inventory Other current assets Long term asset 2100 2,5500 15500 10100 300,000 1,100,000 Buildings Equipment Less Accumulated depreciation 300,000 1,100,000 56,000 164.000 56.000 22.000 41000 Total assets 1752.514 $ 211.200 Li e s and Stockholders' Equity Current limites Accounts payable Interest payable Income table Long-term labates $10.650 660 51600 $8.50 650 33.500 2,550 18.900 397964 25.500 372.464 0 25.000 Stockholders' equity Common stock Padence Retained eaming Treasury stock 125.000 106.000 38.640 78.000 3,440 100.000 1106 0000 20200 78.0000 Totalbies and stockholders' culty 52.554 211.200 As you can tell from the financial statements 2020 was an especially busy year. Tony and Suzie wore able to use the $12 million received from the ance of 100 000 shares of stock to hire a construction company for Stillion 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 firstbom son, ittle Venture Matheson Assume sales and services are on credit value: 10.00 points Required: 1. Calculate the following risk ratios for 2020. (Use 365 days in a year. Round a. b. Receivables turnover ratio Average collection period Inventory turnover ratio Average days in inventory Current ratio Acid-test ratio Debt to equity ratio Times interest earned ratio times days times days to 1 to 1 e. g. % h. times value: 10.00 points 2. Calculate the following profitability ratios for 2020. (Round your answers to 2 decimal a. b. C. d. Gross profit ratio (on the MU watches) Return on assets Profit margin Asset turnover Return on equity % times