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 $168,330 Interest revenue 160 Expenses: Cost of goods sold $38,700 Operating expenses 53,840 Depreciation expense 17,450 Interest expense 7,284 Income tax expense 14,700 Total expenses 131,974 Net income $ 36,516 Assets GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land 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) $ 197,660 $ 64,540 47,960 7,400 0 0 940 4,660 540,000 0 810,000 66,120 42,000 (25,650) (8,100) $1,644,430 $103,100 21,200 850 $ 2,880 770 14,700 14,040 22,200 0 52,054 0 512,740 30,400 124,000 21,360 940,400 0 Retained earnings 58,286 33,650 Treasury stock. (102,000) 0 Total liabilities and stockholders' equity $1,644,430 $103,100 Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital 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 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. Gross profit ratio. (Hint: Use net sales revenues) % b. Return on assets. % O Profit margin. (Hint: Use net sales revenues) % d. Asset turnover. (Hint: Use net sales revenues) times e. Retum on equity. %