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Mrtual Gaming Systems Income Statement For the years ended December 31 Virtual Gaming Systems Balance Shect 2019 2018 31-Dec 2019 2018 2017 $ 3,560,000 $ 3,086,000 1960000 1,126,000 Assets Cost of Goods Sold Gross Profit 2490000 1,070,000 Current Assets: Cash Accounts reccivabke Inventory Prepaid rent 216,000 $196,000 $154,000 Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total Expenses Net Income 90,000 140,000 15,000 91,000 115,000 13,000 70,000 145,000 965,000 868,000 32,000 40,000 23,000 1,037,000 20,000 58,000 987,000 33,000 $139,000 term assets Investment in bonds 115,000 220,000 280,000 84,000 1,072,000 $946,000 794,200 115,000 310,000 310,000 250,000 220,000 52,000 Less: Accumulated Depreclation Total Assets Liabilities and Stockholders equity Current Liabilities: Accounts payable Interest payable Income taxes payable 76,000 137,200 161,000 12,000 13,000 20,000 15,000 Long-term liabilties Notes payable 450,000 295,000 235,000 Stockholders equity C ommon stock Retained earnings Total liabilities and stockholder's equity 310,000 93,000 $1,072,000 $ 946,000 $794,200 310,000 310,000 237,000 Risk Ratios 2019 2018 $461,000 $415,000 186,000104,000 Receivables turnover ratio nventory turnover ratio Current ratio Debt to equity ratio 39.33702 38.3354 19.52941 15.07692 2.478495 3.990385 CA CL Total Liabilities $ 636,000$ 399,000 Total S/E Profitability Ratios 436,000 547,000 t ratio S 0.30$ 036 Return on assets Profit margin Asset turnover 0.032706 0.159752 0.00927 0.045042 3.528246 3.546719 ACC 202 Financial Statement Analysis/ Excel Case Sample Fall 2018 Directions: 1. Read p. 560-579 in your textbook. 2. Enter the income statement and balance sheet data for Virtual Gaming Systems shown below in a Microsoft Excel spreadsheet. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2019 Net sales $3,560,000 2.490,000 1,070,000 $3,086,000 1,960,000 1,126,000 Cost of goods sold Gross proft Expenses 965,000 40,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 868,000 32,000 9,000 20,000 58,000 987,000 $ 139,000 23,000 1,037,000 $ 33,000 otal expenses Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2019 2018 2017 Assets Current assets Cash Accounts receivable Inventory Prepaid rent S 216,000 $196,000 $154,000 70,000 145,000 7,200 90,000 140,000 15,000 91,000 115,000 13,000 Long-term assets Investment in bonds Land Equipment Less: Accumulated 15,000 220,000 280,000 (124.000) (84.000) (52.000) 115,000 310,000 310,000 250,000 220,000 depreciation Total assets $1,072,000 946,000 794,200 Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable S161,000 76,000 $137,200 4,000 15,000 12,000 8,000 13,000 20,000 Long-term liabilities Notes payable 450,000 295,000 235,000 Stockholders' equity Common stock 310,000 310,000 310,000 Retained earnings 237 000 93,000 126,000 Total liabilities and $1,072,000 946,000 794 200 stockholders' equity 3. Calculate the following risk ratios for 2018 and 2019 using formulas in Excel as demonstrated in class: a. Receivables turnover ratio. b. Inventory turnover ratio. c. Current ratio. d. Debt to equity ratio. 4. Calculate the following profitability ratios for 2018 and 2019 using formulas in Excel as demonstrated in class: a. Gross profit ratio. b. Return on assets. c. Profit margin d. Asset turnover. 5. Based on the ratios calculated, write a double-spaced paper in a Microsoft Word document explaining whether you think overall risk and profitability improved for Virtual Gaming Systems from 2018 to 2019 based on your analysis of the ratios and the information in the text on interpreting the ratios. You can separately state whether you believe each of the eight ratios improved or worsened between 2018 and 2019, and then you can give your overall opinion on the change in risk and profitability. Please submit this Word file on Blackboard. 6. Submit your Excel file as an attachment in Blackboard in the appropriate folder by class time on Monday, December 3