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) Sales revenue (MU watches) $541,000 116,000 Total revenues $657,000 Expenses: Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expense Income tax expense 69,000 304,176 49,000 29,624 56,400 Total expenses 508,200 Net income $148,800 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase () or Decrease (D) 2020 2019 Assets Current assets: 111,618 () 9,500 () 2,950 () 1,950 () Cash Accounts receivable 248,618 43,500 16,850 12,850 137,000 34,000 13,900 10,900 Other current assets Long-term assets: 350,000 1,200,000 64,000 (74,000) 350,000 (I) 0 1,200,000 () Land Buildings Equipment Less: Accumulated depreciation 0 64,000 (25,000) 49,000() Total assets $1,861,818 234,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $11,850 740 56,400 $8,900 740 37,500 2,950 (I) 18,900 (I) 452,368 () Long-term liabilities: Notes payable 481,868 29,500 Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock 130,000 1,105,500 152,460 (77,000) 30,000 0 128,160 0 100,000 () 1,105,500) 24,300 () (77,000) () 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 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 b. Average collection period c. Inventory turnover ratio d. Average days in inventory e. Current ratio f. Acid-test ratio g. Debt to equity ratio h. Times interest earned ratio times days times days to 1 to 1 times 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 e. Return on equity times