Question

1 Approved Answer

Posted on Sep 11, 2024

VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sale $3,545,000 $3,071,00 Cost of goods sold 2,487,000 1,257, Bee Gross

VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sale $3,545,000 $3,071,00 Cost of goods sold 2,487,000 1,257, Bee Gross pofit 1,058,600 1,114,000 Expenses Operating expenses 962,000 865,000 Depreciation expense 37, see 38,500 Loss on sale of land 8,700 Interest expense 21,50e 18,5ee Income tax expense 8,7ee 51,50 Total expenses 1,829, 2ee 974,200 Net incore $ 28,800 $ 139,320 VIRTUAL GAMING SYSTEMS Balance Sheets Deceber 31 2001 $ 211,5 85,500 135,500 14,700 $193,000 88.00 112.00 12,00 5251,00 67,000 342.000 6.04 267. Assets Current assets Can Accounts receivable Inventory Prepaid rent Long tersassets Investtent in bonds Land Equipment Less Acculated depreciation Total assets Liabilities and Stockholders' Equity Corcent lities Accounts payable Interest payable Income tax payable Lotteliabilities Notes payable Stockholders uity Con stock Metained ning Total liabilities and stockholders equity 112,000 112.00 307, 217.00 302. 277.00 (115.500 9 300 51,056, 5932,200 0.000 S. 3132, 23, 3. 21,10 2. 3 22, . 14, A. 202.22 22 12210 31.056,70 Required: 1. Calculate the following risk ropos for 2021 and 2022. (Round your answers to 1 decimal place.) 2021 mes 2022 Receivables tumover Inventory turnover i current ratio Detto equity ratio tot mes 161 5 Income statements and balance sheets data for Virtual Gaming Systems are provided below VIRTUAL GAKING SYSTEMS Incone Statements For the years ended December 31 2022 Net sales 53,545,000 33,073, Cost of goods sold 2,487.00 1,957,00 Gross profit 1,058,00 1,114, Expenses Operating expenses 962,00 865,000 Depreciation expense 37,000 Je, Los on sale of land 8.78 Interest expense 21,500 16, See Income tax expense 3,700 51. Se Total expenses 1,029,200 976,200 Net Income $ 28,35 139.80 VIRTUAL GARINO SYSTEMS Balance Sheets Deceber 222 2022 2020 $ 211,500 85,500 315. 14. 519), 5151,000 28.000 7.000 112, 142.00 12.00 . 112.00 112.000 217. 277.00 307.000 17:00 2. Assets Current assets Cash Accounts receivable Inventory Prepata rant Lontots Investint in bonds Land Equit Lot Acculated depreciation Total seu Liabilities and Stockholders uity Current liabilities Accounts payable Interest buyable Income tax payable Long-term liabilities Notes payable Stockholders' equity Con Stock Metained earnings Total abilities and stockholders uity 53,16,10 . 5.73 52), 3 112 11.10 12.04 7. 11, 22. 303 30 33,456,34 2. Calculate the following profitability ratios for 2021 and 2022 Round your answers to 1 decimal place.) 2021 2022 Gross prostrato Return on asset Prota Amor times VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sale $3,545,000 $3,071,00 Cost of goods sold 2,487,000 1,257, Bee Gross pofit 1,058,600 1,114,000 Expenses Operating expenses 962,000 865,000 Depreciation expense 37, see 38,500 Loss on sale of land 8,700 Interest expense 21,50e 18,5ee Income tax expense 8,7ee 51,50 Total expenses 1,829, 2ee 974,200 Net incore $ 28,800 $ 139,320 VIRTUAL GAMING SYSTEMS Balance Sheets Deceber 31 2001 $ 211,5 85,500 135,500 14,700 $193,000 88.00 112.00 12,00 5251,00 67,000 342.000 6.04 267. Assets Current assets Can Accounts receivable Inventory Prepaid rent Long tersassets Investtent in bonds Land Equipment Less Acculated depreciation Total assets Liabilities and Stockholders' Equity Corcent lities Accounts payable Interest payable Income tax payable Lotteliabilities Notes payable Stockholders uity Con stock Metained ning Total liabilities and stockholders equity 112,000 112.00 307, 217.00 302. 277.00 (115.500 9 300 51,056, 5932,200 0.000 S. 3132, 23, 3. 21,10 2. 3 22, . 14, A. 202.22 22 12210 31.056,70 Required: 1. Calculate the following risk ropos for 2021 and 2022. (Round your answers to 1 decimal place.) 2021 mes 2022 Receivables tumover Inventory turnover i current ratio Detto equity ratio tot mes 161 5 Income statements and balance sheets data for Virtual Gaming Systems are provided below VIRTUAL GAKING SYSTEMS Incone Statements For the years ended December 31 2022 Net sales 53,545,000 33,073, Cost of goods sold 2,487.00 1,957,00 Gross profit 1,058,00 1,114, Expenses Operating expenses 962,00 865,000 Depreciation expense 37,000 Je, Los on sale of land 8.78 Interest expense 21,500 16, See Income tax expense 3,700 51. Se Total expenses 1,029,200 976,200 Net Income $ 28,35 139.80 VIRTUAL GARINO SYSTEMS Balance Sheets Deceber 222 2022 2020 $ 211,500 85,500 315. 14. 519), 5151,000 28.000 7.000 112, 142.00 12.00 . 112.00 112.000 217. 277.00 307.000 17:00 2. Assets Current assets Cash Accounts receivable Inventory Prepata rant Lontots Investint in bonds Land Equit Lot Acculated depreciation Total seu Liabilities and Stockholders uity Current liabilities Accounts payable Interest buyable Income tax payable Long-term liabilities Notes payable Stockholders' equity Con Stock Metained earnings Total abilities and stockholders uity 53,16,10 . 5.73 52), 3 112 11.10 12.04 7. 11, 22. 303 30 33,456,34 2. Calculate the following profitability ratios for 2021 and 2022 Round your answers to 1 decimal place.) 2021 2022 Gross prostrato Return on asset Prota Amor times