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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 assets: Cash VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31. 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 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 0 16,500 7,700 1,003, 200 14,800 Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000 114,300 $1,014,700 2024 $183,000 78,000 102,000 11,700 102,000 207,000 267,000 (64,500) $886,200 $63,000 5,400 13,500 282,000 297,000 225,300 $886, 200 2023 $141,000 57,000 132,000 5,640 0 237,000 207,000 (39,000) $740,640 $105,740 2,700 13,700 222,000 297,000 99,500 $740,640

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 assets: Cash VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31. 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 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 0 16,500 7,700 1,003, 200 14,800 Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000 114,300 $1,014,700 2024 $183,000 78,000 102,000 11,700 102,000 207,000 267,000 (64,500) $886,200 $63,000 5,400 13,500 282,000 297,000 225,300 $886, 200 2023 $141,000 57,000 132,000 5,640 0 237,000 207,000 (39,000) $740,640 $105,740 2,700 13,700 222,000 297,000 99,500 $740,640

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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Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land. Interest expense VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 Income tax expense Total expenses Net income. 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 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000 114,300 $1,014,700 2024 $183,000 78,000 102,000 11,700 102,000 207,000 267,000 (64,500) $886, 200 $63,000 5,400 13,500 282,000 297,000 225,300 $886, 200 2023 $141,000 57,000 132,000 5,640 0 237,000 207,000 (39,000) $740, 640 $105,740 2,700 13,700 222,000 297,000 99,500 $740,640
Transcribed Image Text:Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land. Interest expense VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 Income tax expense Total expenses Net income. 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 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000 114,300 $1,014,700 2024 $183,000 78,000 102,000 11,700 102,000 207,000 267,000 (64,500) $886, 200 $63,000 5,400 13,500 282,000 297,000 225,300 $886, 200 2023 $141,000 57,000 132,000 5,640 0 237,000 207,000 (39,000) $740, 640 $105,740 2,700 13,700 222,000 297,000 99,500 $740,640
Problem 12-6A (Algo) Part 1 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.) Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 times times % 2025 times times %
Transcribed Image Text:Problem 12-6A (Algo) Part 1 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.) Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 times times % 2025 times times %
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