Check my Required information The following information applies to the questions displayed below.) Part 1 of 2 Income statements and balance sheets data for Virtual Gaming Systems are provided below. points 2021 Book References VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 Net sales $3,555,000 $3,081,000 Cost of goods sold 2,489,000 1,959,000 Gross profit 1,066,000 1,122,000 Expenses Operating expenses 964,000 867,000 Depreciation expense 39,000 31.500 Loss on sale of land 8.900 Interest expense 22,500 19,500 Income tax expense 0.900 52,500 Total expenses 1,034,400 972,400 Net Income $ 31,600 $ 142,600 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Part 1 of 2 $ 214,500 88.500 138.500 14.900 $195,000 90.000 114,000 12.900 $153,000 6 9,000 144,000 7 .080 points eBook 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 114,000 309.000 309,000 (121,500). $1,066,900 114,000 219.000 279,000 (82,500 $941,400 0 249.000 219,000 (51,000) $ 790,080 References $ 118,200 11,700 12,900 $ 75,000 7,800 19,500 $134,780 3.900 14,900 490,000 294,000 234,000 309,000 125,100 $1,066,900 309,000 236,100 $941,400 309,000 93,500 $790,080 11,700 12,900 7,800 19,500 3,900 14,900 490,000 294,000 234,000 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Part 1 of 2 309,000 125,100 $1,066,900 309,000 236,100 $941,400 309,000 93,500 $790,080 10 points Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) eBook References 2022 2021 times times times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to 1 Required information (The following information applies to the questions displayed below.) Part 2 of 2 Income statements and balance sheets data for Virtual Gaming Systems are provided below. points eBook References VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,555,000 $3,081,000 Cost of goods sold 2,489,000 1,959,000 Gross profit 1,066,000 1,122,000 Expenses: Operating expenses 964,000 867,000 Depreciation expense 39,000 31,500 Loss on sale of land 8,900 Interest expense 22,500 19,500 Income tax expense 8,900 52,500 Total expenses 1,034,400 979,400 Net income $ 31,600 $ 142,600 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Part 2 of 2 $ 214,500 88,500 138,500 14,900 $ 195,000 90,000 114,000 12,900 $153,000 69,000 144,000 7,080 points eBook Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipement 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 114,000 309,000 309,000 (121,500) $1,066,900 114,000 219,000 279,000 (82,500) $941,400 249,000 219,000 (51,000) $ 790,080 References $ 118,200 11, 700 12,900 $ 75,000 7,800 19,500 $134,780 3,900 14,900 490,000 294,000 234,000 309,000 125,100 $1,066,900 309,000 236,100 $941,400 309,000 93,500 $790,080 $ 118,200 11,700 12,900 $ 75,000 7,800 19,500 $134,780 3,900 14,900 LULAGANAAALAGD. Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 490,000 294,000 234,000 Part 2 of 2 309,000 125,100 $1,066,900 309,000 236,100 $941,400 309,000 93,500 $ 790,000 10 points eBook 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) References 2021 2022 % % Gross profit ratio Return on assets Profit margin Asset turnover times times
