The following income statement and balance sheets for Virtual Gaming Systems are provided.VIRTUAL GAMING SYSTEMSIncome StatementFor the Year Ended December 31, 2024Net salesCost of goods soldGross profitExpenses:Operating expensesDepreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:Investment in bondsAccounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockLandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Risk Ratios$851,00023,5007,3001. Receivables turnover ratio2. Average collection period11,50041,000Retained earningsTotal liabilities and stockholders' equity3. Inventory turnover ratio4. Average days in inventory5. Current ratio6. Acid-test ratio7. Debt to equity ratio8. Times interest earned ratioVIRTUAL GAMING SYSTEMSBalance SheetsDecember 31$3,001,0001,943,0001,058,000timesdaystimesdays96times934,300$123,7002024$179,00074,00098,00011,30098,000203,000263,000(58,500)867,800$59,0004,60011,500278,000293,000221,700$867,8002023$137,00053,000128,0005,160Required:Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round your final answerto 1 decimal place.)8233,000203,000(35,000)$724,160$74,0002,30013,300218,000293,000123,560$724,160

The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 Stockholders' equity: Common stock $851,000 23,500 7,300 11,500 41,000 Required: Assuming VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Retained earnings Total liabilities and stockholders' equity $3,001,000 1,943,000 1,058,000 934,300 $123,700 2024 $179,000 74,000 98,000 11,300 $59,000 4,600 11,500 278,000 98,000 203,000 233,000 263,000 203,000 (58,500) (35,000) 867,800 $724,160 293,000 221,700 $867,800 2023 followin viels ratios $137,000 53,000 128,000 5,160 $74,000 2,300 13,300 218,000 293,000 123,560 $724,160 034 (

The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 Stockholders' equity: Common stock $851,000 23,500 7,300 11,500 41,000 Required: Assuming VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Retained earnings Total liabilities and stockholders' equity $3,001,000 1,943,000 1,058,000 934,300 $123,700 2024 $179,000 74,000 98,000 11,300 $59,000 4,600 11,500 278,000 98,000 203,000 233,000 263,000 203,000 (58,500) (35,000) 867,800 $724,160 293,000 221,700 $867,800 2023 followin viels ratios $137,000 53,000 128,000 5,160 $74,000 2,300 13,300 218,000 293,000 123,560 $724,160 034 (

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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