VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,086,000 Cost of goods sold 1,960,000 Gross profit 1,126,000 Expenses: Operating expenses $868,000 Depreciation expense 32,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 987,000 Net income $ 139,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 rences $196,000 91,000 115,000 13,000 $154,000 70,000 145,000 7,200 Assets Current assets: Canh Accounts receivable Inventory Prepaid rent Long-term assets Investment in bondn Land Equipment Loni Accumulated depreciation Total set Liabilities and stockholders Equity Current Liabilities: Accounts payable Interent payable Income tax payable 115,000 220,000 280,000 0 250.000 220,000 152.000) $794,200 5945,000 $ 76,000 8,000 20,000 591.000 4100 15,000 (84,000) $946.000 (52,000) 5794,200 Lese: Accumulated depreciation Total assets Liabilities and Stockholdes' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term abiitle Botos payable Stockholders' equity Comuon stook Retained earning Total liabilities and stockholders' equity $ 76,000 8.000 20,000 $ 91,000 4,000 15,000 295,000 235,000 310,000 237,000 5946,000 310,000 139,200 $794,200 101 10.1 Cuneratio Abest ratio Debit terutymo Times mod DO