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VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense
VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses $3,071,e00 1,957, e00 1,114, e00 $865, e00 27,e00 8,700 18, 500 55, e00 974, 200 $ 139,800 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash $193, e00 88, e00 112,e00 12,700 $151, e00 67, e00 142, e00 6,840 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land 112, e0e 217, e00 277,e00 (76,e00) $935, 700 247, e00 217, e00 (49,e00) $781,840 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 73,000 122,940 3,700 Interest payable Income tax payable 7,400 18,500 14,700 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 232, e00 292, e00 307, e00 237,800 87, 101,500 Total liabilities and stockholders' equity $935, 700 $781, 840 Eamings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021, is $28.00. Requlred: Calculate the following profitability ratios for 2021. (Round your answers to 1 declmal place.) Profitability Ratios Gross profit ratio 1. 2. Profit margin Return on assets 3. Asset turnover times 4. Return on equity 5. 6. Price-earnings ratio
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