Homework Help is Here – Start Your Trial Now!
Business
Accounting
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 2025 $3,545,000 2024 $3,071,000 2,487,000 1,957,000 1,058,000 1,114,000 962,000 865,000 37,000 30,500 0 8,700 21,500 18,500 8,700 51,500 1,029,200 974,200 139,800 28,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $211,500 85,500 $193,000 88,000 135,500 112,000 $151,000 67,000 142,000 14,700 12,700 6,840 112,000 112,000 0 307,000 217,000 247,000 307,000 277,000 217,000 Less: Accumulated depreciation (116,500) (79,500) (49,000) Total assets $1,056,700 $932,200 $781,840 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $132,600 $73,000 $129,940 Interest payable 11,100 7,400 3,700 Income tax payable 12,700 18,500 14,700 Long-term liabilities: Notes payable 470,000 292,000 232,000 Stockholders' equity: Common stock 307,000 307,000 307,000 Retained earnings 123,300 234,300 94,500 Total liabilities and stockholders' equity $1,056,700 $932,200 $781,840 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 2025 times times times times % %

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 2025 $3,545,000 2024 $3,071,000 2,487,000 1,957,000 1,058,000 1,114,000 962,000 865,000 37,000 30,500 0 8,700 21,500 18,500 8,700 51,500 1,029,200 974,200 139,800 28,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $211,500 85,500 $193,000 88,000 135,500 112,000 $151,000 67,000 142,000 14,700 12,700 6,840 112,000 112,000 0 307,000 217,000 247,000 307,000 277,000 217,000 Less: Accumulated depreciation (116,500) (79,500) (49,000) Total assets $1,056,700 $932,200 $781,840 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $132,600 $73,000 $129,940 Interest payable 11,100 7,400 3,700 Income tax payable 12,700 18,500 14,700 Long-term liabilities: Notes payable 470,000 292,000 232,000 Stockholders' equity: Common stock 307,000 307,000 307,000 Retained earnings 123,300 234,300 94,500 Total liabilities and stockholders' equity $1,056,700 $932,200 $781,840 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 2025 times times times times % %

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...
See similar textbooks
icon
Related questions
Question

Hardev 

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 2025 $3,545,000 2024 $3,071,000 2,487,000 1,957,000 1,058,000 1,114,000 962,000 865,000 37,000 30,500 0 8,700 21,500 18,500 8,700 51,500 1,029,200 974,200 139,800 28,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $211,500 85,500 $193,000 88,000 135,500 112,000 $151,000 67,000 142,000 14,700 12,700 6,840 112,000 112,000 0 307,000 217,000 247,000 307,000 277,000 217,000 Less: Accumulated depreciation (116,500) (79,500) (49,000) Total assets $1,056,700 $932,200 $781,840 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $132,600 $73,000 $129,940 Interest payable 11,100 7,400 3,700 Income tax payable 12,700 18,500 14,700 Long-term liabilities: Notes payable 470,000 292,000 232,000 Stockholders' equity: Common stock 307,000 307,000 307,000 Retained earnings 123,300 234,300 94,500 Total liabilities and stockholders' equity $1,056,700 $932,200 $781,840 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 2025 times times times times % %
Transcribed Image Text: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 2025 $3,545,000 2024 $3,071,000 2,487,000 1,957,000 1,058,000 1,114,000 962,000 865,000 37,000 30,500 0 8,700 21,500 18,500 8,700 51,500 1,029,200 974,200 139,800 28,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment $211,500 85,500 $193,000 88,000 135,500 112,000 $151,000 67,000 142,000 14,700 12,700 6,840 112,000 112,000 0 307,000 217,000 247,000 307,000 277,000 217,000 Less: Accumulated depreciation (116,500) (79,500) (49,000) Total assets $1,056,700 $932,200 $781,840 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $132,600 $73,000 $129,940 Interest payable 11,100 7,400 3,700 Income tax payable 12,700 18,500 14,700 Long-term liabilities: Notes payable 470,000 292,000 232,000 Stockholders' equity: Common stock 307,000 307,000 307,000 Retained earnings 123,300 234,300 94,500 Total liabilities and stockholders' equity $1,056,700 $932,200 $781,840 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 2025 times times times times % %
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS