Please solve all questions @Required information[The following information applies to the questions displayed below.]Income statement and balance sheet data for Great Adventures, Inc., are provided below.a.b.GREAT ADVENTURES, INC.Income StatementFor the year ended December 31, 2022Net sales revenues.Interest revenueExpenses:Cost of goods soldOperating expensesDepreciation expenseInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryOther current assetsLong-term assets:LandBuildingsEquipmentAccumulated depreciationAccounts payableInterest payableTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:GREAT ADVENTURES, INC.Income tax payableOther current liabilitiesNotes payable (current)Notes payable (long-term)Stockholders' equity:Common stockPaid-in capitalBalance SheetsDecember 31, 2022 and 2021$40,50075,80019,25011,77316,500Retained earningsTreasury stockTotal liabilities and stockholders' equity$205,950520Gross profit ratio. (Hint: Use net sales revenues)Return on assets.163,823$ 42,647C.Profit margin. (Hint: Use net sales revenues)d. Asset turnover. (Hint: Use net sales revenues)e. Return on equity.$2022351,48651,20011,0001,300900,000900,0002021$ 64,900%%%times%006,10000103,20060,000(29,250) (9,000)$2,288,936 $122,000$ 24,800 $ 3,6001,75095014,40016,50033,00088,424844,5650034,000160,0001,268,00061,897(210,000)$2,288,936 $122,000As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to use themoney 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 finalanswers to 1 decimal place.)33,600035,4500

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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 ADVENTURES, INC. Income Statement For the year ended December 31, 2022 Net sales revenues Interest revenue Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Accounts payable Interest payable $40,500 75,800 19,250 GREAT ADVENTURES, INC. Total assets Liabilities and Stockholders' Equity Current liabilities: 11,773 16,500 $205,950 520 Balance Sheets December 31, 2022 and 2021 163,823 $ 42,647 2022 $ 351,486 51,200 11,000 1,300 900,000 900,000 103,200 (29,250) $2,288,936 2021 $ 64,900 0 0 6,100 $ 24,800 $ 1,750 0 60,000 (9,000) $122,000 3,600 950

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 Interest revenue Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Other current assets Long-term assets: Land Buildings Equipment Accumulated depreciation Accounts payable Interest payable $40,500 75,800 19,250 GREAT ADVENTURES, INC. Total assets Liabilities and Stockholders' Equity Current liabilities: 11,773 16,500 $205,950 520 Balance Sheets December 31, 2022 and 2021 163,823 $ 42,647 2022 $ 351,486 51,200 11,000 1,300 900,000 900,000 103,200 (29,250) $2,288,936 2021 $ 64,900 0 0 6,100 $ 24,800 $ 1,750 0 60,000 (9,000) $122,000 3,600 950

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 26E: Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income...

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