The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income
Question:
The following income statement and balance sheets for Virtual Gaming Systems are provided.
VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December
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 $
VIRTUAL GAMING SYSTEMS
Balance Sheets
December
Assets
Current assets:
Cash $ $
Accounts receivable
Inventory
Prepaid rent
Longterm assets:
Investment in bonds
Land
Equipment
Less: Accumulated depreciation
Total assets $
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ $
Interest payable
Income tax payable
Longterm liabilities:
Notes payable
Stockholders' equity:
Common stock
Retained earnings
Total liabilities and stockholders equity $ $
Required:
Assuming that all sales were on account, calculate the following risk ratios for Use days a year. Round your final answers to decimal place. Risk Ratios
Receivables turnover ratio times
Average collection period days
Inventory turnover ratio times
Average days in inventory days
Current ratio
Acidtest ratio
Debt to equity ratio
Times interest earned ratio
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann