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Income statement and balance sheet data for Great Adventures, Inc., are provided below. $195,500 420 GREAT ADVENTURES, INC Income Statement For the year ended December
Income statement and balance sheet data for Great Adventures, Inc., are provided below. $195,500 420 GREAT ADVENTURES, INC Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $40,000 Operating expenses 69,700 Depreciation expense 18,750 Interest expense 10,526 Income tax expense 16,000 Total expenses Net income 154,976 $ 48,944 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2822 2021 $ 64,880 8 $ 308, 756 50,300 10,000 1,200 5,700 Assets current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Total assets @ 800,000 875,000 92,900 (28,250 $2,109,906 55,000 (8250) $116,750 ework Help Save & Evi S Llabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity! Connon stock Paid- in capital Retained earnings Treasury stock Total Habilities and stockholders' equity 23,800 1,500 16,000 30, 78,321 752, 391 $3,480 900 14,38 33,000 150,000 1,177,000 60,894 (180, eee) $2,109,906 30, 200 e 34,950 $116,750 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 baty pool to celebrate the birth of their first child. 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.) 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 times % 0
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