The following income statement and balance sheets for Virtual Gaming Systems are provided. points 8 02:00:13 VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,026,000 Cost of goods sold 1,948,000 Gross profit 1.078,000 Expenses: Operating expenses $856,000 Depreciation expense 27,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expense 46,000 Total expenses 950, 800 Net income $ 127,200 eBook Print References VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $184,000 79,000 103,000 11,800 $142,000 58,000 133,000 5,760 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets 103,000 208,000 268,000 (67.000) $889,800 238,000 208,000 (40,000) $744,760 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 03:08:53 $184,000 79.000 103.000 11,800 $142,000 58,000 133,000 5,760 eBook Print 103,000 208,000 268,000 (67,000) $889,800 erences 238,000 208,000 40.000) $744,760 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 $ 64,000 5,600 14,000 110,160 2,800 13,800 283,000 223,000 298,000 225,200 $889,800 298,000 97,000 $744,760 Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, Is $27.10. 14,000 13,800 283,000 223,000 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 225,200 $889,800 298,000 97,000 $744,760 Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, is $27.10. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) 3. 4. 5. 6. Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Price-earnings ratio