Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required Information [The following information applies to the questions displayed below.) Income statement and balance sheet data for Great Adventures, Inc., are provided below. $189,
Required Information [The following information applies to the questions displayed below.) Income statement and balance sheet data for Great Adventures, Inc., are provided below. $189, 230 360 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $39,780 Operating expenses 66,840 Depreciation expense 18,450 Interest expense 9,777 Income tax expense 15,789 Total expenses Net income 149,667 $ 39,923 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ 64,740 $ 283, 118 49,760 9,480 1,140 5,460 740,880 860,000 86,720 (27,650) $2,892,488 52,000 (8,680) $113,6ee 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 $ $ 3,280 870 14,240 23, 2ee 1,350 15,700 28,280 72,259 697,886 32,480 28, 160 144,00 1,122,480 60, 293 (162,880) $2,892,488 34,650 $113,600 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. 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. 96 b. Gross profit ratio. (Hint: Use net sales revenues) Return on assets Profit margin. (Hint: Use net sales revenues) Asset turnover. (Hint: Use net sales revenues) Return on equity 96 96 C. times 96
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started