Business, 18.04.2021 02:40 dorindaramirez0531
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,510,000 2,500 2,512,500 VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold $1,605,000 Operating expenses 606,000 Depreciation expense 24,000 Interest expense 25,000 Income tax expense 71,000 Total expenses Net income 2.331,000 $ 181,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ 211,140 73,900 146,500 4,060 $ 154,980 89,000 136,000 6,220 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Long-term Habilities Notes payable Stockholders' equity Common stock Retained earnings Total abilities and stockholders' equity 196.000 210,500 232,000 (229,500) $944,600 110,000 261,000 211,000 (205,500 $ 862,600 30,500 1,200 21,400 $ 89,000 3,100 24,500 226,000 247,000 361,000 280.500 310,000 210.000 $862.600 Additional Information for 2021: 1. Purchase additional investment in stocks for $86,000 2. Sell land costing $50,500 for $53,000, resulting in a $2,500 gain on sale of land. 3. Purchase $21,000 in equipment by issuing a $21.000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of 5111,000. 5. Issue common stock for $51.000. Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method.
Answers: 2
Business, 22.06.2019 15:20, ashleyuchiha123
Gulliver travel agencies thinks interest rates in europe are low. the firm borrows euros at 5 percent for one year. during this time period the dollar falls 11 percent against the euro. what is the effective interest rate on the loan for one year? (consider the 11 percent fall in the value of the dollar as well as the interest payment.)
Answers: 2
Business, 23.06.2019 11:00, coreyslotte
Stacy is preparing a product presentation with customer, marketing, and technical content. she will first present it to an engineering audience mainly interested in technical product details. what should she do? select the best option. hide the marketing content slides for the engineering audience. save a new version and delete unwanted slides for this audience. cut and paste all the unwanted slides to the end. create a custom slide show for multiple audiences.
Answers: 3
The income statement, balance sheets, and additional information for Virtual Gaming Systems are prov...
Mathematics, 28.04.2021 18:10
SAT, 28.04.2021 18:10
Mathematics, 28.04.2021 18:10
History, 28.04.2021 18:10