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Income statement and balance sheet data for Virtual Gaming Systems are provided below.

VIRTUAL GAMING SYSTEMS
Income Statement
For the year ended December 31

 

  

 

2013

 

  

2012

  Sales revenue

$3,510,00

0  

$3,036,000  

  Cost of goods sold

2,480,000  

1,950,000  

 

       Gross profit

1,0

30,000  

1,086,000  

  Expenses:

 

 

      Operating expenses

955,000  

85

8,000  

      Depreciation expense

30,000  

27,000  

      Loss on sale of land

0   8,000  

      Interest expense

18,000  

15,000  

      Income tax expense

8,000  

48,000  

 

        Total expenses

1,011,000  

956,000  

 

  Net income

$    19,000  

$   130,000  

 

 

 

 

 

 

 

 

 

 

 

 

105,000   

105,000   

300,000   

210,000   

 

 

 

 

 

 

 

 

6,000   

12,000   

14,000   

 

 

 

 

 

 

300,000   

300,000   

300,000   

 

$1,021,000   

$900,000   

$753,000   

 

VIRTUAL GAMING SYSTEMS
Balance Sheet
December 31

   2013

   2012

   2011

  Assets

  Current assets:

      Cash

$  201,00

0   

$18

6,000   

$144,000   

      Accounts receivable

75,000   

81,000   

60,000   

      Inventory

125,000   

105,000   

135,000   

      Prepaid rent

14,000   

12,000   

6,000   

  Long-term assets:

        Investment in bonds

0   

        Land

300,000   

210,000   

240,000   

        Equipment

270,000   

        Less: Accumulated depreciation

(99,000)  

(69,000)  

(42,000)  

          Total assets

$1,021,000   

$900,000   

$75

3,000   

  Liabilities and Stockholders’ Equity

  Current liabilities:

      Accounts payable

$    78,000   

$ 66,000   

$ 81,000   

      Interest payable

9,000   

3,000   

      Income tax payable

15,000   

 Long-term liabilities:

      Notes payable

400,000   

285,000   

225,000   

  Stockholders’ equity:

      Common stock

      Retained earnings

222,000   

228,000   

130,000   

         Total liabilities and stockholders’ equity

 1.

value:
5.00 points

 
 

Required:

1.

Calculate the following risk ratios for 2012 and 2013 (Round your answers to 1 decimal place. Omit the “%” sign in your response):

     

 times

 times

 times

 to 1

 %

2012 2013

  Receivables turnover ratio

 times

  Inventory turnover ratio

  Current ratio

 to 1

  Debt to equity ratio

 %

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eBook Links (2)

references

 

 

Worksheet

Learning Objective: 12-03 Use ratios to analyze a company’s risk.

Difficulty: Hard

Learning Objective: 12-04 Use ratios to analyze a company’s profitability.

 

 2.

value:
5.00 points
 
 

2.

Calculate the following profitability ratios for 2012 and 2013 (Round your answers to 1 decimal place. Omit the “%” sign in your response):

 

2012

2013

 %

 %

 %

 %

 %

 %

 times

 times

  Gross profit ratio

  Return on assets

  Profit margin

  Asset turnover

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