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The followinf income statement and balance sheets for Virtual Gaming Systems are provided. The following income statement and balance sheets for Virtual Gaming Systems are
The followinf income statement and balance sheets for Virtual Gaming Systems are provided.
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,991,000 Cost of goods sold 1,941,000 Gross profit 1,050,000 Expenses: Operating expenses $849,000 Depreciation expense 22,500 Loss on sale of land 7,100 Interest expense 10,500 Income tax expense 39,000 Total expenses 928,100 Net income $ 121,900 -Tences VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 202e Assets current assets: $177,000 72,000 $135,000 $1,000 ACCOnts receivable Prey 6 of 6 II Nex! e $177,000 72,000 96,000 11,180 $135,000 51,080 126,000 4,920 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 96,000 201,000 261,000 (55,500 $858,600 eBook 231, e89 201,000 33,000 $715,920 Ask Print eferences $ 57,020 4,200 10,500 1 $ 72,000 2,100 13, 100 276,000 216,000 291,000 219.900 $858, 680 291,000 121, 720 $215,920 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Rol to 1 decimal place.) Step by Step Solution
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