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		$3,076,000
Cost of goods sold		1,958,000
Gross profit		1,118,000
Expenses:
Operating expenses	$866,000
Depreciation expense	27,000
Loss on sale of land	8,800
Interest expense	19,000
Income tax expense	56,000
Total expenses		976,800
Net income		$141,200

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$194,000	$152,000
Accounts receivable	89,000	68,000
Inventory	113,000	143,000
Prepaid rent	12,800	6,960
Long-term assets:
Investment in bonds	113,000	0
Land	218,000	248,000
Equipment	278,000	218,000
Less: Accumulated depreciation	(77,000)	(50,000)
Total assets	940,800	$785,960
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$74,000	$124,360
Interest payable	7,600	3,800
Income tax payable	19,000	14,800
Long-term liabilities:
Notes payable	293,000	233,000
Stockholders' equity:
Common stock	308,000	308,000
Retained earnings	239,200	102,000
Total liabilities and stockholders equity	$940,800	$785,960

Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $28.10.

Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.)

please ignore the risk ratio table. it won't let me delete it. this is the correct table for the question

Exercises - Financial Statement Analy Required: Assuming that all sales were on account, calculate the follo to 1 decimal place.) Common stock Retained earnings Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2024 Required: Calculate the following profitability ratios for 2024. (Round