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VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit 998,000 1,054,000 "Expenses : Operating expenses 947,000 850,000 Depreciation expense 22,000 23,000 Loss on sale of land 7,280 Interest expense 14, eee 11,080 Income tax expense 7,200 44,000 Total expenses 990, 200 935,209 Net income 7,800 $ 118,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 197,000 71,eee 121,089 13,200 $178,eee 73, eee 97,eee 11, 2e0 $136,000 52,eee 127,eee 5,040 97,000 292,eee 292,eee (79, eee) $1,004,200 97,eee 2e2,eee 262,eee (57.000) $863,200 @ 232, eee 2e2,eee (34,000) $720, 040 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 $ 264,600 6,600 11,200 $ 58,000 4,400 11,eee $ 93,640 2, zee 13, 2ee 320, eee 277,000 217, eee 292,ece 109,800 $1,004,200 292, e90 220,800 $863,200 292, cee 102,000 $720, 040 12 of 4 !!! Next > Prey Problem 12-6A Part 1 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 times IN ON NI times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to1 to 1
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