Income statement and balance sheet data for The Athletic ttic are provided below. E ATHLETIC ATTIC...
The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $ 8,770,000 Cost of goods sold 5,385,000 Gross profit 3,385,000 Expenses: Operating expenses $ 1,535,000 Depreciation expense 197,000 Interest expense 37,000 Income tax expense 347,000 Total expenses 2,116,000 Net income $ 1,269,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 151,000 $ 201,000 Accounts receivable 725,000 745,000...
The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $ 8,770,000 Cost of goods sold 5,385,000 Gross profit 3,385,000 Expenses: Operating expenses $ 1,535,000 Depreciation expense 197,000 Interest expense 37,000 Income tax expense 347,000 Total expenses 2,116,000 Net income $ 1,269,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 151,000 $ 201,000 Accounts receivable 725,000 745,000...
Problem 12-4B Calculate risk ratios (L012-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,780,000 Cost of goods sold 5,390,000 Gross profit 3,390,000 Expenses: Operating expenses $1,540,000 Depreciation expense 198.000 Interest expense 38. Bee Income tax expense 348,000 Total expenses 2,124,000 Net income 31.266,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 Assets Current assets: $ $ 152,000 730,000 1,345,000...
Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020 Revenues: Service revenue (clinic, racing, TEAM) $527,000 Sales revenue (MU watches) 102,000 $629,000 Total revenues Expenses: Cost of goods sold (MU watches) Operating expenses Depreciation expense Interest expense Income tax expense 62,000 303,476 42,000 28,924 52,200 Total expenses 488,600 Net income $140,400 GREAT ADVENTURES, INC. Balance Sheets December 31, 2020 and 2019 2020 2019 Increase...
[The following information applies to the questions displayed below.] Income statement and balance sheet data for Great Adventures, Inc., are provided below. GREAT ADVENTURES, INC. Income Statement For the Year Ended December 31, 2020 Revenues: Service revenue (clinic, racing, TEAM) $535,000 Sales revenue (MU watches) 110,000 Total revenues $645,000 Expenses: Cost of goods sold (MU watches) 66,000 Operating expenses 303,876 Depreciation expense 46,000 Interest expense 29,324 Income tax expense 54,600 Total expenses 499,800 Net income $145,200 GREAT ADVENTURES, INC. Balance...
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...
Problem 12-6B Use ratios to analyze risk and profitability (LO12-3, 12-4) Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) [The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021...
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...
The financial statements of Green Corporation appear below: Green Corporation Comparative Balance Sheets December 31, 2018 - 19 —————————————————————————————————— Assets 2019 2018 Cash $150,000 $ 300,000 Short-term investments 150,000 450,000 Accounts receivable (net) 300,000 225,000 Inventory 450,000 525,000 Property, plant and equipment (net) 1,950,000 2,250,000 Total assets $3,000,000 $3,750,000 Liabilities and stockholders' equity Accounts payable $150,000 $ 225,000 Short-term notes payable 300,000 675,000 Bonds payable 600,000 1,200,000 Common stock 1,125,000 1,125,000 Retained earnings 825,000 525,000 Total liabilities and stockholders' equity ...