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Required Information [The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT
Required Information [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 $176,690 Interest revenue 240 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense $39,108 58,720 17,850 8,281 15,100 Income tax expense Total expenses 139,051 $ 37,879 Net income GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 Assets Current assets: $ 231,844 $ 64,620 Cash Accounts receivable 48,680 Inventory 8, 200 Other current assets 1,820 4,980 Long -term assets: Land Buildings Equipment Accumulated depreciation 620, 000 830,000 74,360 (26,450) 46,000 (8,300) Total assets $1,787,654 $107,300 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: $ 3,640 810 14,120 22,000 1,050 15,100 24,600 60,137 31,200 586,478 132,000 1,013, 200 59,e89 (126,800) $1,787,654 $107,300 Common stock 24, 080 Paid-in capital Retained earnings 34,050 Treasury stock Total liabilities and stockholders' equity 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. 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.) Receivables turnover ratio. (Hint: Use net seles revenues for net credit sales) times 8. Average collection period. days b. Inventory turnover ratio. times C. days Average days in inventory. d. to 1 Current ratio. e. f. Acid-test ratio. (Hint: There are no current investments) to 1 Debt to equity ratio. g. Times interest earned ratio. h. times
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