The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL...

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The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 $3,001,000 1,943,000 1,058,000 $851,000 27,000 7,300 11,500 41,000 937,800 $120,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2023 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 $179,000 $137,000 74,000 53,000 98,000 128,000 11,300 5,160 98,000 0 203,000 233,000 263,000 203,000 (62,000) (35,000) 864,300 $724,160 $59,000 $103,060 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $59,000 $103,060 4,600 11,500 2,300 13,300 278,000 218,000 293,000 293,000 218,200 94,500 $864,300 $724,160 Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $26.60. Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.) Answer is not complete. Profitability Ratios 1.Gross profit ratio 35.3 % 2. Return on assets 3. Profit margin 15.1 % 4.0 % 4. Asset turnover 3.8 times 5. Return on equity % 6.Price-earnings ratio 22.2 The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 $3,001,000 1,943,000 1,058,000 $851,000 27,000 7,300 11,500 41,000 937,800 $120,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2023 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 $179,000 $137,000 74,000 53,000 98,000 128,000 11,300 5,160 98,000 0 203,000 233,000 263,000 203,000 (62,000) (35,000) 864,300 $724,160 $59,000 $103,060 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $59,000 $103,060 4,600 11,500 2,300 13,300 278,000 218,000 293,000 293,000 218,200 94,500 $864,300 $724,160 Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $26.60. Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.) Answer is not complete. Profitability Ratios 1.Gross profit ratio 35.3 % 2. Return on assets 3. Profit margin 15.1 % 4.0 % 4. Asset turnover 3.8 times 5. Return on equity % 6.Price-earnings ratio 22.2