bok 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 $3,076,000 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 ances VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Idahil tinc and Starwhaldare. Fault $194,000 89,000 113,000 12,800 $152,000 68,000 143,000 6,960 113,000 218,000 278,000 (77.000) $940, 800 248,000 218,000 (50,000) $785,960 Check my wor $ 74,000 7,600 19,000 124,360 3,800 14,800 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 293,000 308,000 239,200 $940, 800 233,000 308,000 102,000 $785,960 Earnings per share for the year ended December 31, 2021, are $1.20. The closing stock price on December 31, 2021, is $28.10. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) 1. 2. 36.3% % 3 Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Price-earnings ratio 4.6% 4. 3.6 times 5. % 6. 23.4