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LITE ICOS CIUCU UCLCHIUCI 2 54 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land
LITE ICOS CIUCU UCLCHIUCI 2 54 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 2025 $3,460,000 2,470,000 2024 $2,986,000 1,940,000 990,000 1,046,000 945,000 848,000 20,000 22,000 7,000 13,000 10,000 7,000 43,000 985,000 930,000 5,000 116,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2825 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $196,000 $176,000 $134,000 70,000 71,000 50,000 120,000 95,000 125,000 13,000 11,000 4,800 95,000 95,000 290,000 200,000 230,000 290,000 260,000 200,000 Less: Accumulated depreciation (74,000) (54,000) (32,000) Total assets $1,000,000 $854,000 $711,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $285,000 $56,000 $88,800 Interest payable 6,000 4,000 2,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: 11,000 10,000 13,000 300,000 275,000 215,000 Common stock Retained earnings Total liabilities and stockholders' equity 290,000 290,000 290,000 108,000 219,000 103,000 $1,000,000 $854,000 $711,800 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) 2024 2025 Gross profit ratio % % Return on assels 9% % Profit margin % %6 Asset turnover times times
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