Saved Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 2025 $3,460,000 2,470,000 990,000 2024 $2,986,000 1,940,000 1,046,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 945,000 20,000 848,000 22,000 7,000 10,000 43,000 930,000 13,000 7,000 985,000 Net income 5,000 116,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation $196,000 70,000 120,000 13,000 $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 95,000 290,000 290,000 (74,000) $1,000,000 95,000 200,000 260,000 (54,000) $854,000 230,000 200,000 (32,000) $711,800 Total assets Liabilities and Stockholders' Equity Current liabilities: $285,000 6,000 11,000 $56,000 4,000 10,000 $88,800 2,000 13,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 300,000 275,000 215,000 290,000 108,000 290,000 219,000 290,000 103,000 $711,800 Total liabilities and stockholders' equity $1,000,000 $854,000
Saved Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 2025 $3,460,000 2,470,000 990,000 2024 $2,986,000 1,940,000 1,046,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 945,000 20,000 848,000 22,000 7,000 10,000 43,000 930,000 13,000 7,000 985,000 Net income 5,000 116,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2025 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation $196,000 70,000 120,000 13,000 $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 95,000 290,000 290,000 (74,000) $1,000,000 95,000 200,000 260,000 (54,000) $854,000 230,000 200,000 (32,000) $711,800 Total assets Liabilities and Stockholders' Equity Current liabilities: $285,000 6,000 11,000 $56,000 4,000 10,000 $88,800 2,000 13,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 300,000 275,000 215,000 290,000 108,000 290,000 219,000 290,000 103,000 $711,800 Total liabilities and stockholders' equity $1,000,000 $854,000
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 5MAD: Analyze Home Depot The Home Depot (HD) reported the following data (in millions) in its recent...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning