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Required information Skip to question [The following information applies to the questions displayed below.] Income statement and balance sheet data for Virtual Gaming Systems are
Required information
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[The following information applies to the questions displayed below.]
Income statement and balance sheet data for Virtual Gaming Systems are provided below.
| VIRTUAL GAMING SYSTEMS | ||
| Income Statements | ||
| For the Years Ended December 31 | ||
| 2025 | 2024 | |
|---|---|---|
| Net sales | $ 3,560,000 | $ 3,086,000 |
| Cost of goods sold | 2,490,000 | 1,960,000 |
| Gross profit | 1,070,000 | 1,126,000 |
| Expenses: | ||
| Operating expenses | 965,000 | 868,000 |
| Depreciation expense | 40,000 | 32,000 |
| Loss on sale of land | 0 | 9,000 |
| Interest expense | 23,000 | 20,000 |
| Income tax expense | 9,000 | 58,000 |
| Total expenses | 1,037,000 | 987,000 |
| Net income | $ 33,000 | $ 139,000 |
| VIRTUAL GAMING SYSTEMS | |||
| Balance Sheets | |||
| December 31 | |||
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Assets | |||
| Current assets: | |||
| Cash | $ 216,000 | $ 196,000 | $ 154,000 |
| Accounts receivable | 90,000 | 91,000 | 70,000 |
| Inventory | 140,000 | 115,000 | 145,000 |
| Prepaid rent | 15,000 | 13,000 | 7,200 |
| Long-term assets: | |||
| Investment in bonds | 115,000 | 115,000 | 0 |
| Land | 310,000 | 220,000 | 250,000 |
| Equipment | 310,000 | 280,000 | 220,000 |
| Less: Accumulated depreciation | (124,000) | (84,000) | (52,000) |
| Total assets | $ 1,072,000 | $ 946,000 | $ 794,200 |
| Liabilities and Stockholders' Equity | |||
| Current liabilities: | |||
| Accounts payable | $ 161,000 | $ 76,000 | $ 91,000 |
| Interest payable | 12,000 | 8,000 | 4,000 |
| Income tax payable | 13,000 | 20,000 | 15,000 |
| Long-term liabilities: | |||
| Notes payable | 450,000 | 295,000 | 235,000 |
| Stockholders' equity: | |||
| Common stock | 310,000 | 310,000 | 310,000 |
| Retained earnings | 126,000 | 237,000 | 139,200 |
| Total liabilities and stockholders equity | $ 1,072,000 | $ 946,000 | $ 794,200 |
Calculate the following return to shareholders and profitability ratios for 2025 and 2024:
What is Gross Profit Ratio for 2025 What is Gross Profit Ratio for 2024
what is RETURN on ASSETS 2025
what is RETURN on ASSETS 2024
what is profit Margin 2025
what is profit Margin 2024
what is Asset Turnover 2025
what is Asset Turnover 2024
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ISO 27001 Controls A Guide To Implementing And Auditing
Authors: IT Governance
1st Edition
1787781445, 978-1787781443
