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(Solution Download) The following income statement and balance sheet for Virtual Gaming Systems are provided. VIRTUAL GA


 

 

 

 

 

 

 

The following income statement and balance sheet for Virtual

 

Gaming Systems are provided.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRTUAL GAMING SYSTEMS

 

Income Statement

 

For the year ended December 31, 2012

  Sales revenue$3,046,000    
  Cost of goods sold1,963,000    
     Gross profit1,083,000    
  Expenses:
      Operating expenses859,000    
      Depreciation expense38,000    
      Loss on sale of land9,000    
      Interest expense15,800    
      Income tax expense49,600    
        Total

 

expenses

971,400    
  Net income$ 111,600    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VIRTUAL GAMING SYSTEMS

 

Balance Sheet

 

December 31

20122011
  Assets
  Current assets:
      Cash$220,000      $145,000       
      Accounts receivable106,000      62,000       
      Inventory108,000      140,000       
      Prepaid rent19,000      16,000       
Long-term assets:
      Investment in bonds129,000      0       
      Land222,000      255,000       
      Equipment171,000      174,000       
      Less: Accumulated

 

depreciation

(74,000)      (36,000)      

 

            Total

 

assets

$901,000      $756,000       
  Liabilities and Stockholders'

 

Equity

  Current liabilities:
      Accounts payable$75,000      $95,000       
      Interest payable7,000      16,000       
      Income tax payable20,000      16,000       
  Long-term liabilities:
      Notes payable295,000      243,000       
  Stockholders' equity:
      Common stock276,000      241,000       
      Retained earnings228,000      145,000       
        Total

 

liabilities and stockholdersAc??c equity

$901,000      $756,000       

 

  

 

 

 

 

 

 

 

 

 

 

Required:

 

Assuming that all sales were on account, calculate the following

 

risk ratios for 2012. (Round your intermediate and final

 

answers to 1 decimal place. Omit the "%" sign in your

 

response)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Risk Ratios
1. Debt to equity ratio  %
2. Times interest earned ratio  times

 


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