Required information Great Adventures Problem AP12-1 [The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues $166, 240 Interest revenue 140 Expenses : Cost of goods sold $38,600 Operating expenses 52,620 Depreciation expense 17,350 Interest expense 7,034 Income tax expense 14,600 Total expenses 130,204 Net income $ 36,176 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Current assets: Cash $ 189, 114 $ 64,520 Accounts receivable 47,780 0 Inventory 7,200 0 Other current assets 920 4,580 Long-term assets: Land 520,000 0 Buildings 805,000 0 Equipment 64,060 41,000 Accumulated depreciation (25,450) (8,050) Total assets $1,608,624 $102,050 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 21,000 $ 2,840 Interest payable 800 760 Income tax payable 14,600 14,020 Other current liabilities 21,600 0 Notes payable (current) 50,034 0 Notes payable (long-term) 494,304 30,200 Stockholders' equity: Common stock 122,000 20,680 Paid-in capital 922,200 0 Retained earnings 58,086 33,550 Treasury stock (96,000) 0 Total liabilities and stockholders' equity $1,608,624 $102,050 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. Great Adventures Problem AP12-1 Part 1 Required: 1. Calculate the following risk ratios for 2022. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.) times Receivables turnover ratio. (Hint: Use net sales revenues a. for net credit sales) b. Average collection period. c. Inventory turnover ratio. d. Average days in inventory. e. Current ratio. f. Acid-test ratio. (Hint: There are no current investments) g. Debt to equity ratio. h. Times interest earned ratio. days times days to 1 to 1 % times Great Adventures Problem AP12-1 Part 2 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.) a. % 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. % % C. d. times e. %