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need help filling in the blanks please!!! Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements

need help filling in the blanks please!!! Income statements and balance sheets data for Virtual Gaming Systems are provided below.

VIRTUAL GAMING SYSTEMS
Income Statements
For the Years Ended December 31
2025 2024
Net sales $3,535,000 $3,061,000
Cost of goods sold 2,485,000 1,955,000
Gross profit 1,050,000 1,106,000
Expenses:
Operating expenses 960,000 863,000
Depreciation expense 35,000 29,500
Loss on sale of land 0 8,500
Interest expense 20,500 17,500
Income tax expense 8,500 50,500
Total expenses 1,024,000 969,000
Net income 26,000 137,000

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
2025 2024 2023
Assets
Current assets:
Cash $208,500 $191,000 $149,000
Accounts receivable 82,500 86,000 65,000
Inventory 132,500 110,000 140,000
Prepaid rent 14,500 12,500 6,600
Long-term assets:
Investment in bonds 110,000 110,000 0
Land 305,000 215,000 245,000
Equipment 305,000 275,000 215,000
Less: Accumulated depreciation (111,500) (76,500) (47,000)
Total assets $1,046,500 $923,000 $773,600
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $147,000 $71,000 $125,100
Interest payable 10,500 7,000 3,500
Income tax payable 12,500 17,500 14,500
Long-term liabilities:
Notes payable 450,000 290,000 230,000
Stockholders' equity:
Common stock 305,000 305,000 305,000
Retained earnings 121,500 232,500 95,500
Total liabilities and stockholders equity $1,046,500 $923,000 $773,600

2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.)

2024 2025
Gross profit ratio %
Return on assets %
Profit margin %
Asset turnover times

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