Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 24 Jul 2017 My Price 12.00

Virtual Gaming Systems

points

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   $3,036,000
Cost of goods sold   1,950,000
   
Gross profit   1,086,000
Expenses    
Operating expenses 858,000  
Depreciation expense 27,000  
Loss on sale of land 8,000  
Interest expense 15,000  
Income tax expense 48,000  
 
 
Total expenses   956,000
   
Net income   $ 130,000
   

 

VIRTUAL GAMING SYSTEMS
Balance Sheet
December 31
  2012 2011
Assets    
Current assets:    
Cash $186,000 $144,000
Accounts receivable 81,000 60,000
Inventory 105,000 135,000
Prepaid rent 12,000 6,000
Long-term assets:    
Investment in bonds 105,000 0
Land 210,000 240,000
Equipment 270,000 210,000
Less: Accumulated depreciation (69,000) (42,000)
 
Total assets $900,000 $753,000
 
Liabilities and Stockholders' Equity    
Current liabilities:    
Accounts payable $ 66,000 $ 81,000
Interest payable 6,000 3,000
Income tax payable 15,000 14,000
Long-term liabilities:    
Notes payable 285,000 225,000
Stockholders' equity:    
Common stock 300,000 300,000
Retained earnings 228,000 130,000
 
Total liabilities and stockholders’ equity $900,000 $753,000
 
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. Receivables turnover ratio   times
2. Average collection period   days
3. Inventory turnover ratio   times
4. Average days in inventory   days
5. Current ratio   to 1
6. Acid-test ratio   to 1
7. Debt to equity ratio   %
8. Times interest earned ratio   times

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Jul 2017 11:07 PM My Price 12.00

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