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)	$541,000
Sales revenue (MU watches)	116,000
Total revenues		$657,000
Expenses:
Cost of goods sold (MU watches)	69,000
Operating expenses	304,176
Depreciation expense	49,000
Interest expense	29,624
Income tax expense	56,400
Total expenses		508,200
Net income		$148,800

GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019
		2020			2019	Increase (I) or Decrease (D)
Assets
Current assets:
Cash	$	248,618		$	137,000	111,618	(I)
Accounts receivable		43,500			34,000	9,500	(I)
Inventory		16,850			13,900	2,950	(I)
Other current assets		12,850			10,900	1,950	(I)
Long-term assets:
Land		350,000			0	350,000	(I)
Buildings		1,200,000			0	1,200,000	(I)
Equipment		64,000			64,000
Less: Accumulated depreciation		(74,000)			(25,000)	49,000	(I)
Total assets	$	1,861,818		$	234,800
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$11,850			$8,900	2,950	(I)
Interest payable		740			740
Income tax payable		56,400			37,500	18,900	(I)
Long-term liabilities:
Notes payable		481,868			29,500	452,368	(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		152,460			128,160	24,300	(I)
Treasury stock		(77,000)			0	(77,000)	(I)
Total liabilities and stockholders' equity	$	1,861,818		$	234,800

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.

1.

2.

Great Adventures Problem 12-1 Part1 Required 1. Calculate the following risk ratios for 2020. (Use 365 days in a year. Round your intermediate calculations and final answers to 2 decimal places.) Answer is complete but not entirely correct. Receivables turnover ratio Average collection 16.95times 21.53days .49 times 81.29days 4.66to1 23to1 0.42 X% 9.58 times riod C. Inventory turnover ratio Average days in d. nven Current ratio Acid-test ratio Debt to equity ratio Times interest earned ratio 9 h