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1. Complete a vertical analysis on the income statements VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 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 Net income 2025 2024 $ 3,560,000 $3,086,000 2,490,000 1,960,000 1,070,000 1,126,000 965,000 40,000 0 868,000 32,000 9,000 23,000 20,000 9,000 58,000 1,037,000 987,000 $33,000 $139,000

1. Complete a vertical analysis on the income statements VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 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 Net income 2025 2024 $ 3,560,000 $3,086,000 2,490,000 1,960,000 1,070,000 1,126,000 965,000 40,000 0 868,000 32,000 9,000 23,000 20,000 9,000 58,000 1,037,000 987,000 $33,000 $139,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1. Complete a vertical analysis on the income statements VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 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 Net income 2025 2024 $ 3,560,000 $3,086,000 2,490,000 1,960,000 1,070,000 1,126,000 965,000 40,000 0 868,000 32,000 9,000 23,000 20,000 9,000 58,000 1,037,000 987,000 $33,000 $139,000
Transcribed Image Text:1. Complete a vertical analysis on the income statements VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 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 Net income 2025 2024 $ 3,560,000 $3,086,000 2,490,000 1,960,000 1,070,000 1,126,000 965,000 40,000 0 868,000 32,000 9,000 23,000 20,000 9,000 58,000 1,037,000 987,000 $33,000 $139,000
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