Income statements and balance sheets data for Virtual Gaming Systems are provide

Question

Income statements and balance sheets data for Virtual Gaming Systems are provided below VIRTUAL GAMING SYSTEMS Income Statements For the year ended December 31 2019 2018 Net sales $3,525,000 2,483,000 $3,051,000 1.953,000 Cost of goods sold Gross profit 1042,000 1,098,000 Expenses Operating expenses Depreclation expense Loss on sale of land Interest expense Income tax expense 958,000 33,000 0 19,500 8,300 861,000 28,500 8.300 16,500 49,500 Total expenses 1,018,800 963,800 Net Income $ 23.200 134.200

Explanation / Answer

DEBT TO EQUITY RATIO = TOTAL LIABILITIES / SHAREHOLDER'S EQUITY 2018 DEBT TO EQUITY RATIO = (69000+6600+16500+288000) / (303000+230700) 71.2% 2019 DEBT TO EQUITY RATIO = (161400+9900+12300+430000) / (303000+119700) 145.2% 2018 RETURN ON ASSETS = NET INCOME / TOTAL ASSETS 134200 / 913800 14.6%

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