Reference no: EM133021801
Question - 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 $3,041,000 Cost of goods sold 1,951,000 Gross profit 1,090,000 Expenses: Operating expenses$859,000 Depreciation expense 27,500 Loss on sale of land 8,100 Interest expense 15,500 Income tax expense 49,000 Total expenses 959,100 Net income $130,900
VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020
Assets Current assets: Cash $187,000 $145,000 Accounts receivable 82,000 61,000 Inventory 106,000 136,000 Prepaid rent 12,100 6,120 Long-term assets: Investment in bonds 106,000 0 Land 211,000 241,000 Equipment 271,000 211,000 Less: Accumulated depreciation (70,500) (43,000) Total assets$904,600 $757,120 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$ 67,000 $82,000 Interest payable 6,200 3,100 Income tax payable 15,500 14,100 Long-term liabilities: Notes payable 286,000 226,000 Stockholders' equity: Common stock 301,000 301,000 Retained earnings 228,900 130,920 Total liabilities and stockholders' equity $904,600 $757,120
Required - Assuming that all sales were on account, calculate the risk ratios for 2021.
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