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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 ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. a. b. 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 Total assets Liabilities and Stockholders' Equity Current liabilities: GREAT ADVENTURES, INC. Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Balance Sheets December 31, 2022 and 2021 $40,500 75,800 19,250 11,773 16,500 Retained earnings Treasury stock Total liabilities and stockholders' equity $205,950 520 Gross profit ratio. (Hint: Use net sales revenues) Return on assets. 163,823 $ 42,647 C. Profit margin. (Hint: Use net sales revenues) d. Asset turnover. (Hint: Use net sales revenues) e. Return on equity. $ 2022 351,486 51,200 11,000 1,300 900,000 900,000 2021 $ 64,900 % % % times % 0 0 6,100 0 0 103,200 60,000 (29,250) (9,000) $2,288,936 $122,000 $ 24,800 $ 3,600 1,750 950 14,400 16,500 33,000 88,424 844,565 0 0 34,000 160,000 1,268,000 61,897 (210,000) $2,288,936 $122,000 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.) 33,600 0 35,450 0
Transcribed Image Text:@ 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 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 Total assets Liabilities and Stockholders' Equity Current liabilities: GREAT ADVENTURES, INC. Income tax payable Other current liabilities Notes payable (current) Notes payable (long-term) Stockholders' equity: Common stock Paid-in capital Balance Sheets December 31, 2022 and 2021 $40,500 75,800 19,250 11,773 16,500 Retained earnings Treasury stock Total liabilities and stockholders' equity $205,950 520 Gross profit ratio. (Hint: Use net sales revenues) Return on assets. 163,823 $ 42,647 C. Profit margin. (Hint: Use net sales revenues) d. Asset turnover. (Hint: Use net sales revenues) e. Return on equity. $ 2022 351,486 51,200 11,000 1,300 900,000 900,000 2021 $ 64,900 % % % times % 0 0 6,100 0 0 103,200 60,000 (29,250) (9,000) $2,288,936 $122,000 $ 24,800 $ 3,600 1,750 950 14,400 16,500 33,000 88,424 844,565 0 0 34,000 160,000 1,268,000 61,897 (210,000) $2,288,936 $122,000 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.) 33,600 0 35,450 0
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