Please do not give solution in image format [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 StatementsFor the year ended December 31Net salesCost of goods soldGross ProfitExpenses:Operating ExpensesDepreciation expensesLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeVIRTUAL GAMING SYSTEMSBalance SheetsDecember 31AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:Investment bondsLandEquipmentLess: Accumulated depreciationTotal Assets.Liabilities and Stockholders'EquityCurrent Liabilities:Accounts PayableInterest PayableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders'equity20193,470,0002,472,000998,000Gross profit ratioReturn on assetsProfit marginAsset turnover947,00022,000014,0007,200990,2007,800201920182,996,0001,942,0001,054,000850,00011,20023,0007,20011,00044,000935,200118,80020182017197,000 178,000 136,00071,000 73,000 52,000121,000 97,000127,00013,20011,2005,04097,000292,000292,000 262,000 202,000(79,000) (57,000) (34,000)1,004,200 863,200 720,04097,000 0202,000 232,000264,600 58,000 93,6406,6004,400 2,20011,000 13,200320,000 277,000 217,000292,000 292,000 292,000109,800 220,800 102,0001,004,200 863,200 720,040Required:1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal place.)Receivables turnover ratioInventory turnover ratioCurrent ratioDebt to equity ratio2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.)

Financial Ratios: Financial Ratios are defined as the numbers that represent the state or health of…

Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover

Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover

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...

See similar textbooks

Similar questions

Hi, I need help with the attached problem. Thank you.
Subject : Accounting
Hi, I need help with the problem attached below. Thank you.
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 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 $3,520,000 2,482,000 1,038,000 957,000 32,000 0 19,000 8,200 1,016, 200 21,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 $3,046,000 1,952,000 1,094,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 860,000 28,000 8,200 16,000 49,000 961,200 132,800 2025 $204,000 78,000 128,000…
Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
In analyzing the financial statements which are given can you please compute the following ratios: 1.RECEIVABLE TURNOVER 2.AVERAGE COLLECTION PERIOD
Which is the CORRECT order for items to appear on the income statement? Group of answer choices sales revenue, gross profit, net income, operating expenses cash, accounts receivable, inventory, property/plant/equipment, intangible assets sales revenue, operating expenses, gross profit, net income sales revenue, cost of goods sold, gross profit, operating expenses sales revenue, gross profit, cost of goods sold, operating expenses
Assume an income statement with the following classifications: RevenuesCost of goods soldDistribution expensesGeneral & administrative expensesOther revenues and expensesIncome tax on income from continuing operationsGain from disposal of discontinued operationsIncome tax on gain from discontinued operationsNone of the above Indicate by letter how each of the following should be classified: Advertising expense Amortization of a patent held as an investment Cash dividend received on short-term investment Depreciation on plant that manufactures good for sale (prior to sale of the goods) Freight on sales Income tax effect of loss on sale of plant Income tax on gain on sale of short-term investment in securities Interest expense Interest revenue Loss on sale of patent Dividend revenue from investment Salary of company president Sales Sales returns Services sold
Accounts Sales to outside parties Intersegment sales Interest income-external Interest income-intersegment loans Assets Operating expenses Expenses-intersegment sales Interest expense-external Interest expense-intersegment loans Income tax expense (savings) General corporate expenses Unallocated operating costs Revenue Test Profit or Loss Test Books Computers Maps Travel Finance Total Required: a1. Determine the reportable segments by performing revenue test. a2. Determine the reportable segments by performing profit or loss test. a3. Determine the reportable segments by performing asset test. Segment Revenues Percentage Complete this question by entering your answers in the tabs below. Asset Test $ Company Total $ 1,735 0 551 135 167 3,728 1,580 % % 0.0 % 255 127 227 141 105 130 % Reportable % Books $ 189 44 78 0 256 135 90 0 41 62 Reported or Not Reported Computers Maps $ 756 $ 446 280 59 0 0 0 0 1,481 868 71 BLOr Determine the reportable segments by performing revenue test. Note:…
Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9. Based upon these statements, answer the following questions. 1. What are Hershey's sales (in millions)? 2. What is Hershey's cost of sales (in millions)? 3. What is Hershey's net income (in millions)? 4. What is Hershey's percent of the cost of the sales to sales? Round to one decimal place. 5. The percent that a company adds to its cost of sales to determine the selling price is called a markup. What is Hershey's markup percent? Round to one decimal place. 6. What is the percentage of net income to sales for Hershey? Round to one decimal place. 7. Hershey had total assets of $5,554 (millions) at the beginning of the year. Compute the return on assets for Hershey for the year shown in Exhibits 6–9. Round to one decimal place.
Balance sheet Assets Non-current assets Property, plant and equipment Long-term receivables Total non-current assets Current Assets Goods Customers Cheques receivable Cash Total current assets Total assets Equity and Liabilities Equity Equity Reserves Total Equity Obligations Long-term liabilities Current Liabilities Suppliers Other current liabilities Taxes Payable Total Current Liabilities Total Liabilities Total Equity and Liabilities Sales Cogs Mixed result Staff remuneration Profit and loss statement Miscellaneous costs Depreciation Profit before tax Income Tax Net profit for the financial year The following data are given: • ● 2020 240.000,00 | 180.000,00 25.000,00 14.000,00 265.000,00 194.000,00 2021 55.000,00 40.000,00 125.000,00 135.000,00 62.000,00 71.000,00 183.000,00 160.000,00 425.000,00 406.000,00 690.000,00 600.000,00 200.000,00 170.000,00 92.000,00 60.000,00 292.000,00 230.000,00 55.000,00 30.000,00 730.000,00 -240.000,00 490.000,00 -114.000,00 -255.000,00 -60.000,00…
Required Information [The following information applies to the questions displayed below.] Portions of the financial statements for Hawkeye Company are provided below. HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2824 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other incone (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2824 and 2023 ($ in millions) Year Cash Accounts receivable Inventory Accounts payable Salaries payable Interest payable Income tax payable Cash Flows from Operating Activities Adjustments for noncash effects: Changes in operating assets and Mablities: 2824 Net cash flows from operating activities $ 246 388 894 227 187 69 97 $ 225 183 14 S 2023 $217 487 867 268 282 57 118 $830 315 515 0 422 93…