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need help filling in the blanks! Thank you! Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income
need help filling in the blanks! Thank you!
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,500,000 2,478,000 1,022,000 $3,026,000 1,948,000 1,078,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense 856,000 26,000 7,800 14,000 47,000 953,000 28,000 Loss on sale of 1and Interest expense 17,000 7,800 Income tax expense Total expenses 1,005,800 950,800 Net income 16,200 127,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets Current assets: $184,000 79,000 103,000 Cash $142,000 200,000 74,000 Accounts receivable 58,000 133,000 Inventory Prepaid rent Long-term assets: Investment in bonds 124,000 5,760 13,800 11,800 103,000 298,000 103,000 Land 208,000 238,000 208,000 (40,000) Equipment Less: Accumulated depreciation 298,000 268,000 (94,000) (66,000) Total assets $1,016,800 $890,800 $744,760 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: $ 203,400 $108,160 64,000 5,600 14,000 8,400 11,800 2,800 13,800 380,000 283,000 223,000 Common stock 298,000 115,200 298,000 298,000 Retained earnings 226,200 99,000 Total liabilities and stockholders' equity $1,016,800 $890,800 $744,760 Answer is not complete. 2021 2022 times Receivables turnover ratio times Inventory turnover ratio times times Current ratio 4.5 to 1 1.8 to 1 Debt to equity ratio 69.9 % 146.1 % 2021 2022 Gross profit ratio 35.6% 29.2% Return on assets Profit margin Asset turnover times timesStep by Step Solution
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