Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

part 1 part 2 same question VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended Decenber 31 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets

part 1 image text in transcribed
image text in transcribed
image text in transcribed
part 2
same question
image text in transcribed
VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended Decenber 31 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets 20252624 Current assets: Cash Accounts receivable Inventory Prepaid rent Long-tern assets: Investent in bonds Land Equipment Less: Accumulated depreciation Total assets Liobilities and 5 tockholders Equity current i1abilities: Accounts payable. Interest payable. Income tax payable tong-term 11abilities: Notes payablie $154,20019,20012,400440,000$70,0006,80017,000289,000$122,6803,40014,400229,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets Current assets: Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets \begin{tabular}{rrr} 109,000 & 109,000 & 0 \\ 304,000 & 214,000 & 244,00 \\ 304,000 & 274,000 & 214,000 \\ (109,000) & (75,00) & (46,000) \\ \hline$1,041,400 & $918,400 & $769,480 \\ \hline \end{tabular} Liabilities and Stockholders' Equity Current 11abilities: Accounts payable Interest payable Income tax payable $154,20010,20012,400$70,0006,8017,00$122,6803,40914,490 Long-term 1iabilities: Notes payable Stockholders' equity: Comsion stock Retained earnings Total 1iabilities and stckholders' equity Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

8th Edition

0538466790, 9780538466790

More Books

Students also viewed these Accounting questions

Question

Solve the following 1,4 3 2TT 5x- 1+ (15 x) dx 5X

Answered: 1 week ago

Question

Understand some techniques for evaluating the HRM function

Answered: 1 week ago