Required information Great Adventures Problem AP12-1 [The following information applies to the questions displayed below] Income statement and balance sheet data for Greet Adventures, Inc, are provided below. GREAT ADVENTUREs, se Income Statement For the year ended December 31, 2022 Het sales revenues Interest revenue Expenses Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net incone $39,200 59,940 260 17,950 8,530 35,200 140,820 38,230 Assets Current assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Cash Accounts receivable Inventory other current assets Long-term assets Buildings Equipment Accumulated depreciation Total assets Liabilities 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 liabilities and stockholders' equity 240,390 $44,640 48,060 8,400 0 1,040 5,060 640,000 835,000 76,420 47,000 126,650) (8,3501 33,823,460 10.350 $ 22,200 3,080 1,400 820 15,200 14,140 25,200 62,157 604,913 31,400 134,000 24,760 1,031,400 D 59,290 34,150 132,000) $1,823,460 $108,350 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.) b Receivables turnover ratio. (Hint: Use net sales revenues for net credit sales) Average collection period tines days a Inventory turnover ratio times d Average days in inventory days e. Current ratio to 1 1 Acid-test ratio (Hint: There are no current investments) 9 Debt to equity ratio % h Times interest eamed ratio fimes 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 Interest revenue Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Other current assets. Long-term assets: Land Buildings $178,780 260 $39,200 59,940 17,950 8,530 15,200 140,820 $38,220 GREAT ADVENTURES, INC.. Balance Sheets December 31, 2022 and 2021 2022 2021 $ 240,390 $ 64,640 48,860 8,400 1,040 5.060 640,000 835,000 76.420 47,000 (26,650) (8,350) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable. Income tax payable Other current liabilities. Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity $1,823,460 $108,350 $ 22,200 $ 3,080 1,100 15,200 820 14,140 25.200 62,157 604,913 31,400 134,000 24,760 1,031,400 0 59,290 34,150 (132,000) $1,823,460 $108,350 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. 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.) a. Receivables turnover ratio. (Hint: Use net sales revenues for net credit sales) times b. Average collection period. days C Inventory turnover ratio. times d. Average days in inventory. days e. Current ratio. to 1 f. Acid-test ratio. (Hint: There are no current investments) to 1 Debt to equity ratio. h Times interest earned ratio. % times