Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 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'

5 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 1. Receivables turnover ratio 2 Average collection period 3. Inventory tumover ratio 4 Average days in inventory Current ratio 5. 6. Acid-test ratio 7 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Risk Ratios 8 Debt to equity ratio Times interest earned ratio times days times days to 1 2021 to 1 % times $184,000 79,000 103,000 11,800 103,000 208,000 268,000 (66,000) $890,800 $ 64,000 5,600 14,000 283,000 298,000 226,200 $890,800 2020 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021 (Use 365 days a year. Round your final answers to 1 decimal place.) $142,000 58,000 133,000 5,760 e 238,000 208,000 (40,000) $744,760 $ 79,000 2,800 13,800 223,000 298,000 128,160 $744,760
image text in transcribed
image text in transcribed
Required: Assuming that all sales were on occount, calculate the following nsk rotios for 2021 . (Use 365 days a year. Round your final answers to 1 decimal place.) The following income statement and balance sheets for Virtual Gaming Systems are provided

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Wiley CPAexcel Exam Review Focus Notes Auditing And Attestation 2022

Authors: Wiley

1st Edition

111984858X, 978-1119848585

More Books

Students also viewed these Accounting questions

Question

7. Understand the challenges of multilingualism.

Answered: 1 week ago