Homework Answers
Answer-1)- Accounts receivable turnover = Sales on account /Average accounts receivable
2021=$2996000/ ($52000+$73000)/2
=$2996000/$62500
= 47.9 times
2022 = $3470000/($73000+$71000)/2
= $3470000/$72000
= 48.2 times
Inventory turnover = Cost of goods sold/Average inventory*
2021= $1942000/( $127000+$97000)/2
= $1942000/$112000
= 17.3 times
2022= $2472000/( $97000+$121000)/2
= $2472000/$109000
= 22.7 times
Current Ratio=Current Assets/ Current Liabilities
2021 = ($178000+$73000+$97000+$11200)/($58000+$4400+$11000)
= $359200/$73400
= 4.9 times
2022 =($197000+$71000+$121000+$13200)/($264600+$6600+$11200)
= $402200/$282400
= 1.4 times
Debt to equity ratio= Total liabilities/Total stockholder’s equity
2021 ={($58000+$4400+$11000+$277000)/($292000+$220800)}*100
= ($350400/$512800)*100
= 68.3%
2022 ={($264600+$6600+$11200+$320000)/($292000+$109800)}*100
= ($602400/$401800)*100
= 150%
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VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit 998,000 1,054,00 "Expenses : Operating expenses 947,000 850, eee Depreciation expense 22,000 23,00 Loss on sale of land 7,200 Interest expense 14,000 11,eee Income tax expense 7,200 44,000 Total expenses 990, 200 935,200 Net income 7,800 $ 118,888 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 197,000 71,000 121,000 13,200 $178,000 73,eee 97,eee...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 Net sales $3,535,000 Cost of goods sold 2,485,000 Gross profit 1,050,000 Expenses: Operating expenses 960,000 Depreciation expense 35,000 Loss on sale of land Interest expense 20,500 Income tax expense 8,500 Total expenses 1,024,000 Net income $ 26,000 863,000 29,500 8,500 17,500 50,500 969,000 137,000 $ VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 208,500 82,500 132,500 14,500 $191,000 86,000 110,000 12,500...
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS...
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $ 3,550,000 $ 3,076,000 Cost of goods sold 2,488,000 1,958,000 Gross profit 1,062,000 1,118,000 Expenses: Operating expenses 963,000 866,000 Depreciation expense 38,000 31,000 Loss on sale of land 0 8,800 Interest expense 22,000 19,000 Income tax expense 8,800 52,000 Total expenses 1,031,800 976,800 Net income $ 30,200 $ 141,200 VIRTUAL GAMING SYSTEMS...
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income...
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,535,000 $3,061,000 Cost of goods sold 2,485,000 1,955,000 Gross profit 1,050,000 1,106,000 Expenses: Operating expenses 960,000 863,000 Depreciation expense 35,000 29,500 Loss on sale of land 8,500 Interest expense 20,500 17,500 Income tax expense 8,500 50,500 Total expenses 1,024,000 969,000 Net income $ 26,000 $ 137,000 VIRTUAL GAMING SYSTEMS Balance Sheets December...
Problem 12-4A Calculate risk ratios (LO12-3) The following income statement and balance sheets for Virtual Gaming...
Problem 12-4A Calculate risk ratios (LO12-3) The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,996,000 Cost of goods sold 1,942,000 Gross profit 1,054, 000 Expenses: Operating expenses $850,000 Depreciation expense 23,000 Loss on sale of land ,200 Interest expense ,000 Income tax expense 10,000 Total expenses 931,200 Net income 122,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets 2021 2020 Current...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,046,000 Cost of goods sold 1,952,000 Gross profit 1,094,000 Expenses: Operating expenses $860,000 Depreciation expense 28,000 Loss on sale of land 8,200 Interest expense 16,000 Income tax expense 50,000 Total expenses 962,200 Net income $ 131,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ 188,000 83,000 107,000 12,200 $146,000 62,000 137,000...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $3,061,000 1,955,000 1,106,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $863,000 27,000 8,500 17,500 53,000 Loss on sale of land Interest expense Income tax expense Total expenses 969, 000 $ 137,000 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: $191,000 86, 000 110,000...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales $3,076,000 1,958,000 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land 1,118,000 $866,000 31,000 8,800 19,000 56,000 Interest expense Income tax expense Total expenses 980,800 $ 137,200 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets Cash $152,000 68,000 143,000 6,960...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $2,991,000 1,941,000 1,050,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $849,000 22,500 7,100 10,500 39,000 Total expenses 928,100 Net income $ 121,900 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The following income statement and balance sheets for Virtual Gaming Systems are provided. Required: Assuming that...
The following income statement and balance sheets for Virtual
Gaming Systems are provided.
Required:
Assuming that all sales were on account, calculate the following
risk ratios for 2021. (Use 365 days a year. Round your
final answers to 1 decimal place.)
VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,986,000 Cost of goods sold 1,940,000 Gross profit 1,046,000 Expenses: Operating expenses $848,000 Depreciation expense 22,000 Loss on sale of land 7,000 Interest expense 10,000...
VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,470,000 $2,996,000 Cost of goods sold 2,472,000 1,942,000 Gross profit 998,000 1,054,00 "Expenses : Operating expenses 947,000 850, eee Depreciation expense 22,000 23,00 Loss on sale of land 7,200 Interest expense 14,000 11,eee Income tax expense 7,200 44,000 Total expenses 990, 200 935,200 Net income 7,800 $ 118,888 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 197,000 71,000 121,000 13,200 $178,000 73,eee 97,eee...
2021 $3,061,000 1,955,000 1,106,000 VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 Net sales $3,535,000 Cost of goods sold 2,485,000 Gross profit 1,050,000 Expenses: Operating expenses 960,000 Depreciation expense 35,000 Loss on sale of land Interest expense 20,500 Income tax expense 8,500 Total expenses 1,024,000 Net income $ 26,000 863,000 29,500 8,500 17,500 50,500 969,000 137,000 $ VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 208,500 82,500 132,500 14,500 $191,000 86,000 110,000 12,500...
Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,535,000 $3,061,000 Cost of goods sold 2,485,000 1,955,000 Gross profit 1,050,000 1,106,000 Expenses: Operating expenses 960,000 863,000 Depreciation expense 35,000 29,500 Loss on sale of land 8,500 Interest expense 20,500 17,500 Income tax expense 8,500 50,500 Total expenses 1,024,000 969,000 Net income $ 26,000 $ 137,000 VIRTUAL GAMING SYSTEMS Balance Sheets December...
Problem 12-4A Calculate risk ratios (LO12-3) The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,996,000 Cost of goods sold 1,942,000 Gross profit 1,054, 000 Expenses: Operating expenses $850,000 Depreciation expense 23,000 Loss on sale of land ,200 Interest expense ,000 Income tax expense 10,000 Total expenses 931,200 Net income 122,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets 2021 2020 Current...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,046,000 Cost of goods sold 1,952,000 Gross profit 1,094,000 Expenses: Operating expenses $860,000 Depreciation expense 28,000 Loss on sale of land 8,200 Interest expense 16,000 Income tax expense 50,000 Total expenses 962,200 Net income $ 131,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ 188,000 83,000 107,000 12,200 $146,000 62,000 137,000...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $3,061,000 1,955,000 1,106,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $863,000 27,000 8,500 17,500 53,000 Loss on sale of land Interest expense Income tax expense Total expenses 969, 000 $ 137,000 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: $191,000 86, 000 110,000...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales $3,076,000 1,958,000 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land 1,118,000 $866,000 31,000 8,800 19,000 56,000 Interest expense Income tax expense Total expenses 980,800 $ 137,200 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets Cash $152,000 68,000 143,000 6,960...
The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $2,991,000 1,941,000 1,050,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $849,000 22,500 7,100 10,500 39,000 Total expenses 928,100 Net income $ 121,900 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid...
The following income statement and balance sheets for Virtual
Gaming Systems are provided.
Required:
Assuming that all sales were on account, calculate the following
risk ratios for 2021. (Use 365 days a year. Round your
final answers to 1 decimal place.)
VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,986,000 Cost of goods sold 1,940,000 Gross profit 1,046,000 Expenses: Operating expenses $848,000 Depreciation expense 22,000 Loss on sale of land 7,000 Interest expense 10,000...
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