[The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. $203,860 500 GREAT ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold $40,400 Operating expenses 74,580 Depreciation expense 19, 150 Interest expense 11,523 Income tax expense 16,400 Total expenses Net income 162,053 $ 42,307 GREAT ADVENTURES, INC. Balance Sheets December 31, 2022 and 2021 2022 2021 $ $ 64,880 Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation 342,940 51,020 10,800 1,280 6,020 880,000 895,000 101, 140 (29,050). 59,000 (8,950) UUUUUU 895,000 101,140 (29,050). $2,253,130 59,000 (8,950) $120,950 $ $ 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 24,600 1,700 16,400 32,400 86,404 826, 129 3,560 940 14,380 33,800 32,920 158,000 1,249,800 61,697 (204,000) $2,253,130 35,350 0 $120,950 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. quired: Calculate the following risk ratios for 2022. (Use 365 days in a year. Round your intermediate calculations and final answers to 1 Eimal place.) 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 te decimal place.) times b. days times Receivables turnover ratio. (Hint: Use net sales revenues for not credit sales) 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. d. e. f. g. h. days to 1 to 1 times 32,920 Common stock Paid-in capital Retained earnings Treasury stock Total liabilities and stockholders' equity 158,000 1,249,800 61,697 (204,000) $2,253,130 35, 350 $120,950 As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to money received from borrowing and the issuance of stock to buy land and begin construction of cabins, dinin ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their firs 2. Calculate the following profitability ratios for 2022. (Use 365 days in a year. Round your intermediate calculatie answers to 1 decimal place.) a. 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. times
