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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: Connon stock Retained earnings Total liabilities and stockholders' equity Receivables turnover ratio Inventory turnover ratio Current natio Debt to equity ratio 2024 times times % 2025 138,500 14,900 times times 114,000 12,900 114,000 309,000 309,000 279,000 (121,500) (82,500) $1,066,900 $941,400 $118,200 11,700 12,900 490,000 309,000 125,100 $1,066,900 114,000 219,000 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $75,000 7,800 19,500 294,000 309,000 236, 100 $941,400 144,000 7,080 249,000 219,000 (51,000) $790,080 $134,780 3,900 14,900 234,000 309,000 93,500 $790,000

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: Connon stock Retained earnings Total liabilities and stockholders' equity Receivables turnover ratio Inventory turnover ratio Current natio Debt to equity ratio 2024 times times % 2025 138,500 14,900 times times 114,000 12,900 114,000 309,000 309,000 279,000 (121,500) (82,500) $1,066,900 $941,400 $118,200 11,700 12,900 490,000 309,000 125,100 $1,066,900 114,000 219,000 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $75,000 7,800 19,500 294,000 309,000 236, 100 $941,400 144,000 7,080 249,000 219,000 (51,000) $790,080 $134,780 3,900 14,900 234,000 309,000 93,500 $790,000

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter12: Financial Statements, Closing Entries, And Reversing Entries
Section: Chapter Questions
Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...
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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 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 % 2025 times times 138,500 24,900 % 114,000 309,000 309,000 (121,500) $1,066,900 $118,200 11,700 12,900 114,000 12,980 490,000 309,000 125,100 114,000 219,000 144,000 7,080 $75,000 $134,780 7,800 19,500 294,000 309,000 236,100 $1,066,900 $941,400 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) 0 249,000 279,000 219,000 (82,500) (51,000) $941,400 $790,080 3,900 14,900 234,000 309,000 93,500 $790,000
Transcribed Image Text: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 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 % 2025 times times 138,500 24,900 % 114,000 309,000 309,000 (121,500) $1,066,900 $118,200 11,700 12,900 114,000 12,980 490,000 309,000 125,100 114,000 219,000 144,000 7,080 $75,000 $134,780 7,800 19,500 294,000 309,000 236,100 $1,066,900 $941,400 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) 0 249,000 279,000 219,000 (82,500) (51,000) $941,400 $790,080 3,900 14,900 234,000 309,000 93,500 $790,000
Required information [The following information applies to the questions displayed below] Income statements and balance sheets data for Virtual Gaming Systems are provided below. 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 Assets Current assetst Cash Accounts receivable Inventory Prepaid rent Long-term assets; Investment in bonds Land Equipment Less: Accumulated depreciation 2025 $3,555,000 2,489,000 1,066,000 Total assets Liabilities and Stockholders' Equity Current liabilities: 964,000 39,000 0 22,500 8,900 1,034,400 31,600 2024 $3,081,000 1,959,000 1,122,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 867,000 31,500 8.900 19,500 52,500 979,400 142,600 2025 $214,500 88,500 138-500 14/900 114,000 309.000 309,000 2024 $195,000 90,000 114,000 12,900 114,000 219,000 279,000 (121,500) (82,500) $1,066,900 $941,400 2023 $153,000 69,000 144,000 7,080 249,000 219,000 (51,000) $790,000
Transcribed Image Text:Required information [The following information applies to the questions displayed below] Income statements and balance sheets data for Virtual Gaming Systems are provided below. 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 Assets Current assetst Cash Accounts receivable Inventory Prepaid rent Long-term assets; Investment in bonds Land Equipment Less: Accumulated depreciation 2025 $3,555,000 2,489,000 1,066,000 Total assets Liabilities and Stockholders' Equity Current liabilities: 964,000 39,000 0 22,500 8,900 1,034,400 31,600 2024 $3,081,000 1,959,000 1,122,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 867,000 31,500 8.900 19,500 52,500 979,400 142,600 2025 $214,500 88,500 138-500 14/900 114,000 309.000 309,000 2024 $195,000 90,000 114,000 12,900 114,000 219,000 279,000 (121,500) (82,500) $1,066,900 $941,400 2023 $153,000 69,000 144,000 7,080 249,000 219,000 (51,000) $790,000
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