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Posted on Jul 13, 2024

2 Required information The following information applies to the questions displayed below! Income statement and balance sheet data for Virtual Gaming Systems are provided below.

2 Required information The following information applies to the questions displayed below! Income statement and balance sheet data for Virtual Gaming Systems are provided below. VIRTUAL GAMIS SYSTES Toome Statements For the years anded December 31 2022 2021 Net sales $3,560,000 13.086,000 cost of goods sold 2,490,000 1.100.000 Gross profit 1.070.000 Expenses Operating expenses 965,000 650,000 Depreciation expense 40,000 33.000 Loss on sale of land D 9,000 Taterest expense 23,000 20.000 Income tax expense .000 58.000 Total expenses 1.037.000 387.000 Net Income S 33,000 $. 139.000 VIRTUAL CURTS STSTOS Balance Sheets December 31 2022 2021 Assets 2020 Prey 1 2 of 2 Next > Stv MacBook Air BO 888 FE 31: 2 ga 7 Dil FB @ 2 # 3 $ 4 % 5 6 UN & 7 8 9 9 2 W E T Y > U S D | F G H H J K 12 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It doen VETUL GANG Current Cash 1160 FN1134.38 0,00 91.1 90.000 10.000 315.000 149,00 15. 13.000 7.20 115,000 . 150.00 30.00 TN.100 2.000 11.184.000.000 12.02. 18.000 13.30 CORTE Twetry Free L- TIR Land Met dit Total Lai iedere il peable The pay Interesan pa LE e payable OR Bear WITO 18,000.00 12. 2.000 . 19.00 235.100 239.000 30. 30.010 118.00 12.00 ...285 Required: Pre Next > MacBook Air so PP 1: DO 2 NE 2 $ 4 > 3 UX 5 9 7 8 9 Q W E U 1 0 A S G H H JK N N C V M 2 n command Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2021 38.3 times 15.1 times 4.0 to 1 80.1 % % 2022 39.3 times 19.5 times 2.5 to 1 129.4 % % 2 Required information The following information applies to the questions displayed below! Income statement and balance sheet data for Virtual Gaming Systems are provided below. VIRTUAL GAMIS SYSTES Toome Statements For the years anded December 31 2022 2021 Net sales $3,560,000 13.086,000 cost of goods sold 2,490,000 1.100.000 Gross profit 1.070.000 Expenses Operating expenses 965,000 650,000 Depreciation expense 40,000 33.000 Loss on sale of land D 9,000 Taterest expense 23,000 20.000 Income tax expense .000 58.000 Total expenses 1.037.000 387.000 Net Income S 33,000 $. 139.000 VIRTUAL CURTS STSTOS Balance Sheets December 31 2022 2021 Assets 2020 Prey 1 2 of 2 Next > Stv MacBook Air BO 888 FE 31: 2 ga 7 Dil FB @ 2 # 3 $ 4 % 5 6 UN & 7 8 9 9 2 W E T Y > U S D | F G H H J K 12 Homework Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It doen VETUL GANG Current Cash 1160 FN1134.38 0,00 91.1 90.000 10.000 315.000 149,00 15. 13.000 7.20 115,000 . 150.00 30.00 TN.100 2.000 11.184.000.000 12.02. 18.000 13.30 CORTE Twetry Free L- TIR Land Met dit Total Lai iedere il peable The pay Interesan pa LE e payable OR Bear WITO 18,000.00 12. 2.000 . 19.00 235.100 239.000 30. 30.010 118.00 12.00 ...285 Required: Pre Next > MacBook Air so PP 1: DO 2 NE 2 $ 4 > 3 UX 5 9 7 8 9 Q W E U 1 0 A S G H H JK N N C V M 2 n command Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2021 38.3 times 15.1 times 4.0 to 1 80.1 % % 2022 39.3 times 19.5 times 2.5 to 1 129.4 % %