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. $178, 780 260 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $39,200 Operating expenses 59,940 Depreciation expense 17,950 Interest expense 8,530 Income tax expense 15, 200 Total expenses Net income 140,820 $ 38,220 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation 240,390 48,860 8,400 1,040 $ 64,640 0 0 5,060 640,000 835,000 76,420 (26,650) 0 0 47,000 (8,350) 835,000 76,420 (26,650) $1,823,460 0 47,000 (8,350) $108,350 $ 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 22,200 1,100 15,200 25,200 62,157 604,913 $ 3,080 820 14,140 0 0 31,400 134,000 24,760 1,031,400 0 59,290 34,150 (132,000) 0 $1,823,460 $108,350 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were money received from borrowing and the issuance of stock to buy land and begin construction of cabi ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of eat Adventures Problem AP12-1 Part 1 uired: alculate the following risk ratios for 2022. (Use 365 days in a year. Round your intermediate calculation Eimal place.) a. times b. Receivables turnover ratio. (Hint: Use net sales revenues for net credit sales) Average collection period. Inventory turnover ratio. days times C AVATAAN AR In IntiantArt 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 calcul decimal place.) a b. times days times days c. d d. Receivables turnover ratio. (Hint: Use net sales revenues for net credit thes) Average collection period. Inventory turnover ratio. Average days in inventory. Current ratio Acid-test ratio. (Hint: There are no current investments) Debt to equity ratio. Times interest eamed ratio. to 1 e f. to 1 g % h times
