Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Balance Sheets December 31 2021 2020 $183,000 78,000 102,000 11,700 $141,000 57,000 132,000 5,640 102,000 207,000 267,000 (66,000) $884,700 237,000 207,000 (39,000) $740, 640 Assets
Balance Sheets December 31 2021 2020 $183,000 78,000 102,000 11,700 $141,000 57,000 132,000 5,640 102,000 207,000 267,000 (66,000) $884,700 237,000 207,000 (39,000) $740, 640 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 $ 63,000 5,400 13,500 108,740 2,700 13,700 282,000 222,000 297,000 223,800 $884,700 297,000 96,500 $740,640 Earnings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021, is $27.00. Required: Calculate the following profitability ratios for 2021. (Round your ans 1. 2. 3. 4. 5. 6. Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Price-earnings ratio times The following income statement and balance sheets for Virtual Gaming Syste VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,021,000 Cost of goods sold 1,947,000 Gross profit 1,074,000 Expenses: Operating expenses $855,000 Depreciation expense 27,000 Loss on sale of land 7,700 Interest expense 13,500 Income tax expense 45,000 Total expenses 948,200 Net income $ 125,800
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started