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 $168,330 160 $38,700 53,840 17,450 7,284 14,700 131,974 $ 36,516 Assets Current assets: Cash Accounts receivable. Inventory Other current assets Long-term assets: Land Buildings GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 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 2022 2021 $ 197,660 $ 64,540 47,960 7,400 0 0 940 4,660 540,000 810,000 66,120 42,000 (25,650) (8,100) $1,644,430 $103,100 21,200 $ 2,880 850 770 14,700 14,040 22,200 0 52,054 0 512,740 30,400 124,000 21,360 940,400 0 58,286. 33,650 (102,000) 0 $1,644,430 $103,100 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) 7.0 times b. Average collection period. 52.1 days C Inventory turnover ratio. d. Average days in inventory. e. Current ratio. L Acid-test ratio. (Hint: There are no current investments) g Debt to equity ratio. h. Times interest earned ratio. 10.5 times 34.9 days 2.3 to 1 2.2 to 1 61.1 % 8.0 times