Problem 12-6A Use ratios to analyze risk and profitability (L012-3, 12-4) [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below Income Statements For the year ended December 31 3,006,000 1,944,000o $3,480,000 Cost or goocs sold Gross prof 949000 802.000 Operating experses Depreciation expense Interest exponso Income tax xpense 12,000 7,400 Total expenses Not incoms 5 10,600 S 121,600 VIRTUAL GAMING SYSTEMS Balance Sheets Current assets: 198.000 72$80000 500038.000 Accounts rocelvablo Propaid rent 13,400 Long-3orm assets Investment in bonds 184.000)20400234000 36,000) 204.000 Total assets 1008,400 $872400 $728,280 Uabities and Stockholders Equity Current liabities Accounts payabla Interest payable s 244200 7.200 1.400 $ 60,000 4,800 2,000 $98.480 2.400 Income tax payable Long-term labittes Nobes payable Stockholders equity 340,000 279,000 222000 294000 01,000 294,000 Retained eamings Total abities and stockholders equny 1,008,400 $728,280 Section Break Problem 12-6A Use ratios to analyze risk and profitabidity L012-3, 12-4)