The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 Net sales $3,001,000 Cost of goods sold 1,943,000 Gross profit Expenses: Operating expenses 1,058,000 Depreciation expense Loss on sale of land. $851,000 27,000 7,300 Interest expense Income tax expense Total expenses Net income. 11,500 41,000 937,800 $120,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 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 2024 2023 $179,000 $137,000 74,000 53,000 98,000 128,000 11,300 5,160 98,000 0 203,000 233,000 263,000 203,000 (62,000) (35,000) 864,300 $724,160 Prev Next