8.) The following income statement and balance sheets for Virtual Gaming Systems are provided.

VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2024
Net sales		$3,046,000
Cost of goods sold		1,952,000
Gross profit		1,094,000
Expenses:
Operating expenses	$860,000
Depreciation expense	27,000
Loss on sale of land	8,200
Interest expense	16,000
Income tax expense	50,000
Total expenses		961,200
Net income		$132,800

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$188,000	$146,000
Accounts receivable	83,000	62,000
Inventory	107,000	137,000
Prepaid rent	12,200	6,240
Long-term assets:
Investment in bonds	107,000	0
Land	212,000	242,000
Equipment	272,000	212,000
Less: Accumulated depreciation	(71,000)	(44,000)
Total assets	910,200	$761,240
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$68,000	$115,840
Interest payable	6,400	3,200
Income tax payable	16,000	14,200
Long-term liabilities:
Notes payable	287,000	227,000
Stockholders' equity:
Common stock	302,000	302,000
Retained earnings	230,800	99,000
Total liabilities and stockholders equity	$910,200	$761,240

Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50. Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.

Profitability Ratios
1 .Gross profit ratio		%
2. Return on assets		%
3. Profit margin		%
4. Asset turnover		times
5. Return on equity		%
6 .Price-earnings ratio