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

See similar textbooks

Similar questions

Heritage Corporation's income statement and balance sheets are presented below. Heritage Antiquing Services Comparative Balance Sheet (dollars in thousands) Assets Current assets: Cash..... Accounts receivable, net Inventory......... Prepaid expenses Total current assets Property and equipment: Land ..….... Buildings and equipment, net Total property and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued payables Notes payable, short term Total current liabilities. Long-term liabilities: Bonds payable Total liabilities. Stockholders' equity: Preferred stock. Common stock Additional paid-in capital Total paid-in capital. Retained earnings. Total stockholders' equity Total liabilities and stockholders' equity Sales... Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses.. Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes…
Can you please match the correct term to the def
The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Dux Company. Additional information from Dux's accounting records is provided also. Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings DUX COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 900s) Less: Treasury stock DUX COMPANY Income Statement For Year Ended December 31, 2018 ($ in 800s) Revenues Sales revenue Dividend revenue Expenses Cost of goods sold. Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense Net income $325 9 $334 134 39 33 1 22 6 31 266…
Assets Kesmore Corporation Kesmore Corporation's balance sheet as of December 31, 2014, and December 31, 2013, and information pertaining to its 2014 activities are presented below. Cash Short-term investments. Accounts receivable (net) Inventory Long-term investments Property, plant, and equipment (gross) Accumulated depreciation Property, plant, and equipment (net) Goodwill Total assets Liabilities and Stockholders' Equity Accounts payable Short-term debt Common stock Retained earnings Total liabilities and stockholders' equity Information relating to 2014 activities: Net income was $800,000. 2014 $15,000 200,000 590,000 600,000 310,000 1,800,000 (500,000) do December 31, 95,000 $3,110,000 OFR $900,000 190,000 1,155,000 865,000 $3,110,000 Required Prepare a statement of cash flows for 2014 using the indirect method. 2013 $90,000 440,000 615,000 390,000 1,100,000 (500,000) 600,000 105,000 $2,240,000 $850,000 975,000 415,000 $2,240,000 Equipment costing $450,000 and having a book value…
Dec. 31, 2020 Dec. 31, 2019 Assets Current assets: Cash and cash equivalents $248,005 $419,465 Accounts receivable 38,283 34,839 Inventory 15.043 15,332 Prepaid expenses and other current assets 39,965 34,795 Income tax receivable 58,152 16,488 Investments 415,199 338,592 Total current assets 814.647 859,511 Property, plant, & equipment, net 1,217.220 1,106,984 Long-term investments 622,939 496.106 Other assets 70,260 64,716 Total assets $2,725,066 $2,527,317 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $85,709 $69,613 Accrued payroll and benefits 64,958 73,894 Accrued liabilities 129,275 102,203 Total current liabilities 279,942 245,710 Deferred liabilities 284.267 240,975 Other liabilities 32.883 28,263 Total liabilities 597,092 514,948 Shareholders' equity: Common stock 358 354 Additional paid-in capital 954,988 861.843 Retained earnings 1,172.628 1,150,172 Total shareholders' equity 2,127,974 2,012.369 Total liabilities and shareholders' equity…
Required: 1. Calculate the following risk ratios for 2024: 2. When we compare two companies, can one have a higher current ratio while the other has a higher acid-test ratio? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following risk ratios for 2024: (Round your answers to 1 decimal place.) Risk Ratios a. Receivables turnover ratio b. Inventory turnover ratio c. Current ratio d. Acid-test ratio e. Debt to equity ratio times times % Required 1 Required 2 >
The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets. Current assets: Cash Accounts receivable Inventory Investments Long-term assets: 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 Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 2024 $149,560 72,000 92,000 3,700 450,000 760,000 2023 450,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 6,000 8,000 $117,000 89,000 77,000 1,700 $82,000 11,700 4,700 220,000 670,000 148,300 110,000 670,000 239,860 $1,129,260 $1,136,700 Required: 1. Calculate the…
Which of the following ratios would a lender find most useful in monitoring a borrower's ability to make loan payments? () PE ratio Return on assets Total asset turnover Inventory turnover () Cash coverage ratio Previous Page Next Page Page 6
Accounting calculate return on assest for this statement
With the help of accounting ratios, Critically analyse the Profitability performance of the Apple company.
Please calculate the debts to assets ratio for the years 2022 and 2021, also please show your work.
Question Content Area Use the information provided for Harding Company to answer the question that follow. Harding Company Accounts payable $33,234 Accounts receivable 67,995 Accrued liabilities 6,510 Cash 22,738 Intangible assets 35,347 Inventory 83,390 Long-term investments 101,069 Long-term liabilities 79,156 Notes payable (short-term) 27,161 Property, plant, and equipment 689,074 Prepaid expenses 2,037 Temporary investments 30,842 Based on the data for Harding Company, what is the quick ratio (rounded to one decimal place)? a.3.1 b.0.8 c.1.8 d.15.4