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the ones in red are incorrect Saved work 6 ha neck my work mode: This shows what is correct or incorrect for the work you
the ones in red are incorrect
Saved work 6 ha neck my work mode: This shows what is correct or incorrect for the work you 450,000 LUTS-Lerm lovilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 4 310,000 126,899 $1,072,000 $9 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 de Answer is complete but not entirely correct. Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2021 16.0 X times 4.5 X times 4.0 to 1 30.1% 2022 3.3 times 1.0 X times 7.0 X to 1 4.9 % VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 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 9,800 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 2022 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $216,000 $196,000 $154,000 90,000 91,eee 70,000 140,000 115,000 145,000 15,800 13,000 7,200 Prey C 1 2 of Next > DOLLE ON December 31 2022 2021 2020 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 $ 216,000 $196,000 $154,000 90,000 91,000 70,000 140,000 115,000 145,000 15,000 13 , 7,200 115,000 115,000 310,000 220,000 250,000 310,000 280, eee 220,000 (124,880) (84,288) _(52,688) $1,072,000 $946,000 $794,200 $ 161,000 12,000 13,089 $ 76,000 8,000 20,000 $ 91,000 4,000 15,000 450,000 295,000 235,000 310,000 126,000 $1,072,000 310,000 237,000 $946,000 310,000 139,200 $794,200 Step by Step Solution
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