[The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. $164, 150 120 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $38,500 Operating expenses 51,400 Depreciation expense 17,250 Interest expense 6,785 Income tax expense 14,500 Total expenses Net income $ 35,835 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,500 180,568 47,600 7,000 980 4,500 500,000 800,000 62,880 (25,250) $1,572,818 40,000 (8,000) $191,000 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 $ 20,800 $ 75e 2,800 750 14,000 14,500 21,000 48,014 475,869 30,000 20, eee 120, eee 904, eee 57,885 (99, eee) $1,572,818 33,450 $191,000 Accounts receivable Inventory Other current assets Long-term assets: 47,600 7,000 980 4,500 Land 500,000 800,000 62,080 (25,250) 1,572,818 40,000 (8,000) $191,000 $ 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 2,800 750 14,098 20,800 750 14,500 21,000 48,014 475,869 3 0, eee 20,000 120,000 984,000 57,885 (90,000) $1,572,818 33,450 $101,080 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. b. Gross profit ratio. (Hint: Use net sales revenues) Return on assets d Profit margin. (Hint: Use net sales revenues) Asset turnover (Hint: Use net sales revenues) Return on equity. . e