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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 $3,081,000 Cost of goods sold 1,959,000 Gross profit 1, 122,000 Expenses : Operating expenses $867,000 Depreciation expense 27,000 Loss on sale of land 8,900 Interest expense 19,500 Income tax expense 57,000 Total expenses 979,400 Net income $ 142,600 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $195,000 90,000 114,000 12,900 $153,000 69,000 144,000 7,080 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders. Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 114,000 219,000 279,000 (78,000) $945,900 0 249,000 219,000 (51.000) $790,080 $ 75,000 7,800 19,500 $ 125, 780 3,900 14,900 294,000 234,000 309,000 240,600 309,000 102,500 Check my work 114,000 219.000 279,000 120.000 $945,900 249.000 219.000 (51.000 $790,080 Investment in bonds Land Equipment Lesst Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders equity $ 75,000 7.800 19.500 5 125,780 3.900 14,900 294.000 234,000 309,000 240,600 $945,900 309,000 102,500 $790,000 Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, is $28.20. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) Comon stock Retained earnings 309,000 240,600 $945,900 309,000 102,500 $790,080 Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, is $28.20. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) 1. 2 N 3 Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Price-earnings ratio 36.4% % 4.6% timos % 4 5. 6