3. December 31 2021 2820 $196,800 91,000 115,000 13,000 $154,000 70,000 145,000 7,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term Liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 115,000 220,000 280,000 (84,000) $946,000 OOK 250,000 220,000 (52,000) $794,200 $ 76,000 8,000 20,000 $ 91,000 4,000 15,000 Print 295,000 235,000 Forences 310,000 237,600 $946,000 310,000 139,200 $794,200 Earnings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021, is $28,30. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) 1 2 Profitability Ration Gross profit ratio Return on assets Prott margin Asset turnover Retum on equity % % % 3 4. 5 times % The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,086,000 Cost of goods sold 1,960,000 Gross profit 1, 126,000 Expenses: Operating expenses $868,000 Depreciation expense 32,006 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 987,000 Net income $ 139,000 3