The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.

GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing, TEAM)	$ 559,000
Sales revenue (MU watches)	134,000
Total revenues		$ 693,000
Expenses:
Cost of goods sold (watches)	78,000
Operating expenses	305,076
Depreciation expense	58,000
Interest expense	30,524
Income tax expense	61,800
Total expenses		533,400
Net income		$ 159,600

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
	2020			2019			Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	302,260		$	146,000		$	156,260	(I)
Accounts receivable		57,000			43,000			14,000	(I)
Inventory		18,200			14,800			3,400	(I)
Other current assets		14,200			11,800			2,400	(I)
Long-term assets:
Land		400,000			0			400,000	(I)
Buildings		1,200,000			0			1,200,000	(I)
Equipment		73,000			73,000
Accumulated depreciation		(85,250)			(27,250)			58,000	(I)
Total assets	$	1,979,410		$	261,350
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	13,200		$	9,800		$	3,400	(I)
Interest payable		830			830
Income tax payable		61,800			42,000			19,800	(I)
Long-term liabilities:
Notes payable		576,260			34,000			542,260	(I)
Stockholders' Equity:
Common stock		130,000			30,000			100,000	(I)
Paid-in capital		1,105,500			0			1,105,500	(I)
Retained earnings		179,820			144,720			35,100	(I)
Treasury stock		(88,000)			0			(88,000)	(I)
Total liabilities and stockholders equity	$	1,979,410		$	261,350

Additional Information for 2020:

1. Borrowed $580,000 in January 2020. Made 12 monthly payments during the year, reducing the balance of the loan by $37,740.

2. Issued common stock for $1,200,000.

3. Purchased 11,000 shares of treasury stock for $16 per share.

4. Reissued 5,500 shares of treasury stock at $17 per share.

5. Declared and paid a cash dividend of $124,500.

Required:

Prepare the statement of cash flows for the year ended December 31, 2020, using the indirect method.

[The following information applies to the questions displayed below.]

2) Income statement and balance sheet data for Great Adventures, Inc., are provided below.

GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020
Revenues:
Service revenue (clinic, racing, TEAM)	$539,000
Sales revenue (MU watches)	114,000
Total revenues		$653,000
Expenses:
Cost of goods sold (MU watches)	68,000
Operating expenses	304,076
Depreciation expense	48,000
Interest expense	29,524
Income tax expense	55,800
Total expenses		505,400
Net income		$147,600

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
		2020			2019	Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	301,380		$	136,000	165,380	(I)
Accounts receivable		42,000			33,000	9,000	(I)
Inventory		16,700			13,800	2,900	(I)
Other current assets		12,700			10,800	1,900	(I)
Long-term assets:
Land		500,000			0	500,000	(I)
Buildings		1,000,000			0	1,000,000	(I)
Equipment		63,000			63,000
Less: Accumulated depreciation		(72,750)			(24,750)	48,000	(I)
Total assets	$	1,863,030		$	231,850
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$11,700			$8,800	2,900	(I)
Interest payable		730			730
Income tax payable		55,800			37,000	18,800	(I)
Long-term liabilities:
Notes payable		471,380			29,000	442,380	(I)
Stockholders' equity:
Common stock		120,000			20,000	100,000	(I)
Paid-in capital		1,105,500			0	1,105,500	(I)
Retained earnings		169,420			136,320	33,100	(I)
Treasury stock		(71,500)			0	(71,500)	(I)
Total liabilities and stockholders' equity	$	1,863,030		$	231,850

As you can tell from the financial statements, 2020 was an especially busy year. Tony and Suzie were able to use the $1.2 million received from the issuance of 100,000 shares of stock to hire a construction company for $1 million to build the cabins, dining facilities, ropes course, and the outdoor swimming pool. They even put in a baby pool to celebrate the birth of their firstborn son, little Venture Matheson. Assume all sales and services are on credit.

Calculate the following risk ratios for 2020

recievables turnover ratio, average collection period, inventory turnover ratio, average days in inventory, current ratio, acid-test ratio, debt to equilty ratio, times interest earned ratio.

Calculate the following profitability ratios for 2020.

gross profit ratio (on the MU watches), return on assets, profit margin, asset turnover, return on equity.