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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 Income tax expense $39,100 58,720 17,850 8,281 15,100 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 48,680 8, 200 1,020 $ 64,620 Cash Accounts receivable Inventory Other current assets 4,980 Long-term assets: Land 620,000 830,000 Buildings Equipment Accumulated depreciation 74,360 46,000 (26,450) $1,787,654 $107,300 (8,300) Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 3,040 22,000 1,050 15,100 24,60e 60,137 586,478 810 Income tax payable 14,120 Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: 31,200 Common stock 132,000 1,013,200 59,089 (126,000) 24,080 Paid-in capital Retained earnings Treasury stock 34,050 $1,787,654 $187,300 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. 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.) Gross profit ratio. (Hint: Use net sales revenues) a. Return on assets. b. Profit margin. (Hint: Use net sales revenues) C. times d. Asset tumover. (Hint: Use net sales revenues) Return on equity. e
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