fix the red BENVIDIS SAMANTTISTIW MOIM MMIMEINE VIEW www.TVE VITAMMn vunning systems prie MLIVIENet salesCost of goods soldGross profitExpenses:VIRTUAL GAMING SYSTEMSIncome StatementsFor the Years Ended December 31Operating expenses.Depreciation expenseLoss on sale of landInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:Investment in bonds.2025$3,495,0002,477,0001,018,000952,00027,000016,5007,7001,003, 20014,800LandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityVIRTUAL GAMING SYSTEMSBalance SheetsDecember 312024$3,021,0001,947,0001,074,000855,00025,5007,70013,50046,500948,200125,8002025$199,50073,500123,50013,700102,000297,000297,000(91,500)$1,014,700$213,6008,10011,700370,000297,000114,300$1,014,7002024$183,00078,000102,00011,700102,000207,000267,000(64,500)$886, 200$63,0005,40013,500282,000297,000225, 300$886,2002023$141,00057,000132,0005,6400237,000207,000(39,000)$740,640$105,7402,70013,700222,000297,00099,500$740,640 Required:1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimalplace.)Answer is complete but not entirely correct.202444.8✔ times16.6✔ times4.6✔0.8 X %Receivables turnover ratioInventory turnover ratioCurrent ratioDebt to equity ratio202546.1✔ times22.0✔ times1.8✓129.3 X %

The ratio analysis helps to analyze the financial statements of the business on the basis of the…

Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. 2024 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 44.8 16.6 4.6 0.8 times times % 2025 46.1 times 22.0✔ times 1.8 129.3 %

Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. 2024 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 44.8 16.6 4.6 0.8 times times % 2025 46.1 times 22.0✔ times 1.8 129.3 %

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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