Question

Income statement and balance sheet data for Great Adventures, Inc., are provided below EAT ADVENTURES, Income Statement r the Year Ended December 31, 2020 Revenues: $539,000 114,000 Service revenue (clinic, racing. TEAM Sales revenue (MU watches) $653,000 Tolal revenues Expenses: Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expen Income tax expense 68,000 304,076 48,000 29,524 55,800 505,400 Total expenses $147,600 Net income GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 Increase () or Decrease (D) 2019 020 Assets Current assets Cash 301.380 $ 136,000 165.380 (l) 33,000 13,800 10,800 9,000) 2,900 () 1900 () 12,000 16,700 12,700 Other current assets Long-term assets Land 500,000 () 500,000 1,000,000 63,000 (72.750) 0 1,000,000 63,000 (24750) 48,000の Equipmet Less: Accumulated clepreclation s 1,863.030$ 231850 Total assets Llabiities and Stockholders' Equity Current liablities Accounts payable Interest payable Income tax payable Long-term iablities: Notes payable Stockholders' equity Common stock Pald-in capital $11,700 /30 55.800 2.900 $8,800 730 37000 18.800 471.380 29000 442.380 0) 100,000 1105.500 0) 33100 ( (71500の 1105, 500 169.420 (71500) ed earnings Treasury stock Total Wabilities and stockholders' equity $ 1863.030 231.850 As you cen tell from the finencial statements 2020 a Matheson Assume all sales and services are on credit n especially busy year Tony and Suzie were abie to use the $1.2 million receivedi from the issuence Section 8reak Groat Acventuras Proalom 12-1 Part 1 Workshoc Greal aventures Froclem 12 1 Fa: 3433 0 DCo 4. 5.00 points Great Adventures Problem 12-1 Part 1 Required: 1. Calculate the fellowing risk ratios for 2020. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.] 17.41 imes . Recelvables turnover ratio colection period b. Average 2096 days C. Inventary turnaver ratio 4.45 times d. Average days in inventory 82 02 days e. Curent ratio ta 1 1. Acid-test ratlo g. Dett lo equity ratic h. Times Interest earned ratio tmes References

Answer 1

unts poce ivablos 6,53,000/s u2000+33,0oo)/2 uasage colloction esiod-365 doys/Reca vable tuomover sotioO 365 / 14,41 20.96 days c. Inuantasy tusmover oadio cost of goode sold/ Avenage stock = 68,000 / Σ($16,700 + $ 13,80) /2 b. A -365/4.46 81.eu days +30$55,Boo) =午3,72,780/ 68,230 = 5.46 to 1 3구2,780-$ 16,Foo) / = 68,230 = 5, 22 to 9. Dabt to eqity agoDebt Tolal equity - (68,230+4y, ,380)/ 13,23,420o ($6,53,000-$68,000-$ 3,o4,046-u8,000/ 29, 524