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The following income statement and balance sheets for

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 1,942,00

VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $178,000 73,000 97,000 11,200 $136,000 52,000 127,000 5,040 97,00

Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, is $26.50.


Required:

Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.)

Profitability Ratios 1. Gross profit ratio 2. Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6. Pric

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Transcribed Image Text


VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $2,996, 000 1,942,000 1,054,000 $850, 000 27,000 7,200 11,000 40,000 Loss on sale of land Interest expense Income tax expense Total expenses 935, 200 $ 118,800 Net income

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Survey of Accounting

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Authors: Carl S. Warren

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