Problem 12-6A (Algo) Part 22. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.)Gross profit ratioReturn on assetsProfit marginAsset turnover2024%%%timesProblem 12-6A (Algo) Part 1Receivables turnover ratioInventory turnover ratioCurrent ratioDebt to equity ratioRequired:1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decimalplace.)2024timestimes2025%%%%times2025timestimes% Net salesCost of goods soldGross profitExpenses:Operating expensesDepreciation expenseLoss on sale of land.Interest expenseVIRTUAL GAMING SYSTEMSIncome StatementsFor the Years Ended December 31Income tax expenseTotal expensesNet income.AssetsCurrent assets:CashAccounts receivableInventoryPrepaid rentLong-term assets:Investment in bondsLandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payable2025$3,495,0002,477,0001,018,000952,00027,000Stockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity16,5007,7001,003, 20014,8002024$3,021,0001,947,0001,074,000VIRTUAL GAMING SYSTEMSBalance SheetsDecember 31855,00025,5007,70013,50046,500948,200125,8002025$199,50073,500123,50013,700102,000297,000297,000(91,500)$1,014,700$213,6008,10011,700370,000297,000114,300$1,014,7002024$183,00078,000102,00011,700102,000207,000267,000(64,500)$886, 200$63,0005,40013,500282,000297,000225,300$886, 2002023$141,00057,000132,0005,6400237,000207,000(39,000)$740, 640$105,7402,70013,700222,000297,00099,500$740,640

The current ratio is calculated as current assets divided by the current liabilities of the current…

Problem 12-6A (Algo) Part 2 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover 2024 % % % times Problem 12-6A (Algo) Part 1 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decima place.) times times 2025 % % % times 2025 times times %

Problem 12-6A (Algo) Part 2 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover 2024 % % % times Problem 12-6A (Algo) Part 1 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2024 Required: 1. Assuming that all sales were on account, calculate the following risk ratios for 2024 and 2025: (Round your answers to 1 decima place.) times times 2025 % % % times 2025 times times %

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.9E

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