Check my work 4 ! Part 2 of 2 2012 Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. 15 points Skipped eBook Print VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,485,000 $3,011,000 Cost of goods sold 2,475,000 1,945,000 Gross profit 1,010,000 1,066,000 Expenses: Operating expenses 950,000 853,000 Depreciation expense 25,000 24,500 Loss on sale of land 0 7,500 Interest expense 15,500 12,500 Income tax expense 7,500 45,500 Total expenses 998,000 943,000 Net income $ 12,000 123,000 References Check my work NEL Incum 4 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Part 2 of 2 2022 2021 2020 $ 15 points 198,500 72,500 122,500 13,500 $181,000 76,000 100,000 11,500 $139,000 55,000 130,000 5,400 Skipped 100,000 295,000 295,000 (86,500) $1,010,500 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 100,000 205,000 235,000 265,000 205,000 (61,500) (37,000) $877,000 $732,400 eBook Print References $ 234,000 7,500 11,500 $ 61,000 5,000 12,500 $100,900 2,500 13,500 350,000 280,000 220,000 295,000 295,000 112,500 $1,010,500 295,000 223,500 $877,000 100,500 $732,400 Print References 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 % % 2022 % % Gross profit ratio Return on assets Profit margin Asset turnover % % times times