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 $187, 140 Interest revenue 340 Expenses: Cost of goods sold $39,600 Operating expenses 64,820 Depreciation expense 18, 350 Interest expense 9,528 Income tax expense 15,600 Total expenses 147,898 Net income $ 39,582 2022 2021 $ 64,720 $ 274,574 49,580 9,200 1,120 5,380 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 Assets 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) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 720,000 855,000 84,660 51,000 (27,450) (8,550) $1,966,684 $112,550 23,000 $ 3,240 1,300 860 15,600 14,220 27,600 70,239 0 678,653 32,200 142,800 27,480 1,104,200 60,092 34,550 (156,000) $1,966,684 $112,550 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 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, roper 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 % % b. Gross profit ratio (Hint: Use net sales revenues) Return on assets Profit margin. (Hint: Use net sales revenues) Asset tumover. (Hint: Use net sales revenues) Return on oquity % G times d % 0