The following income statement and balance sheet for VirtualGaming Systems are provided. Earnings per share for the year endedDecember 31, 2012, are $1.00. The closing stock price on December31, 2012, is $28.00.VIRTUAL GAMING SYSTEMSIncome StatementFor the year ended December 31, 2012 Sales revenue $3,051,000 Cost of goods sold 1,969,000 Gross profit 1,082,000 Expenses: Operating expenses 869,000 Depreciation expense 42,000 Loss on sale of land 9,000 Interest expense 16,900 Income tax expense 49,400 Total expenses986,300 Net income $ 95,700 VIRTUAL GAMING SYSTEMSBalance SheetDecember 312012 2011 Assets Current assets: Cash $190,000 $ 157,000 Accounts receivable97,000 74,000 Inventory106,000 146,000 Prepaid rent12,000 8,000 Long-term assets: Investment in bonds129,000 0 Land 220,000 250,000 Equipment 239,000 181,000 Less: Accumulated depreciation(71,000) (29,000) Totalassets $ 922,000 $ 787,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $67,000 $ 81,000 Interest payable6,000 23,000 Income tax payable19,000 29,000 Long-term liabilities: Notes payable292,000 237,000 Stockholders’ equity: Common stock303,000 281,000 Retained earnings235,000 136,000 Total liabilitiesand stockholdersAc€?c equity $922,000 $ 787,000 Required:Calculate the following profitability ratios for 2012. (Roundyour answers to 1 decimal place. Omit the “%” sign in yourresponse.) Profitability Ratios 1. Gross profit ratio % 2. Return on assets % 3. Profit margin % 4. Asset turnover times 5. Return on equity % 6. Price-earnings ratio times
The following income statement and balance sheet for VirtualGaming Systems are provided. Earnings p
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