60 The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING...

 

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60 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. Income tax payable Long-term liabilities: Notes payable VIRTUAL GAMING SYSTEMS Land Equipment. Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Balance Sheets December 31 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 1.Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6.Price-earnings ratio Profitability Ratios $860,000 27,000 8,200 16,000 50,000 % % % 2024 times % $188,000 83,000 107,000 12,200 107,000 212,000 272,000 (71,000) 910,200 $68,000 6,400 16,000 287,000 302,000 230,800 $910,200 $3,046,000 1,952,000 1,094,000 961,200 $132,800 2023 $146,000 62,000 137,000 6,240 Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50. 0 Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.) 242,000 212,000 (44,000) $761,240 $115,840 3,200 14,200 227,000 302,000 99,000 $761,240 1 B 60 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. Income tax payable Long-term liabilities: Notes payable VIRTUAL GAMING SYSTEMS Land Equipment. Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Balance Sheets December 31 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 1.Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6.Price-earnings ratio Profitability Ratios $860,000 27,000 8,200 16,000 50,000 % % % 2024 times % $188,000 83,000 107,000 12,200 107,000 212,000 272,000 (71,000) 910,200 $68,000 6,400 16,000 287,000 302,000 230,800 $910,200 $3,046,000 1,952,000 1,094,000 961,200 $132,800 2023 $146,000 62,000 137,000 6,240 Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50. 0 Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.) 242,000 212,000 (44,000) $761,240 $115,840 3,200 14,200 227,000 302,000 99,000 $761,240 1 B

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