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Student Name: +
-
NE
Amount % Amount %
103,500$ 23.0% «- Correct! 70,400$ 17.6% «- Correct!
46,800 10.4% «- Correct! 32,000 8.0% «- Correct!
44,550 9.9% «- Correct! 71,200 17.8% «- Correct!
7,200 1.6% «- Correct! 3,600 0.9% «- Correct!
54,900 12.2% «- Correct! - 0.0% «- Correct!
117,450 26.1% «- Correct! 141,600 35.4% «- Correct!
Land
Problem 12-03
McGraw-Hill/Irwin
Instructor
2021
December 31, 2021
Balance Sheet
SPORTS UNLIMITED
Requirement 1:
2020
Accounts receivable
Inventory
Prepaid rent
Long-Term Assets:
Assets
Current Assets:
Cash
Investment in bonds
Student Name: +
-
NE
Problem 12-03
McGraw-Hill/Irwin
Instructor
2021 2020 Amount %
103,500$ 70,400$ 33,100$ 47.0% «- Correct!
46,800 32,000 14,800 46.3% «- Correct!
44,550 71,200 (26,650) -37.4% «- Correct!
7,200 3,600 3,600 100.0% «- Correct!
Year
Prepaid rent
Current Assets:
Cash
Accounts receivable
Inventory
Assets
Requirement 2:
Increase/Decrease
SPORTS UNLIMITED
Balance Sheet
December 31, 2021
2021 2020
103,500$ 70,400$
30,150$ 46,800$
Current Liabilities:
Accounts payable
Balance Sheets
For the Years Ended December 31, 2021 and 2020
SPORTS UNLIMITED
Given Data P12-03:
Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
Student Name:
Class:
3,086,000
80,500 38.3 times «- Correct!
415,000
104,000 4.0 to 1 «- Correct!
287,000
104,000 2.8 to 1 «- Correct!
Instructor
VIRTUAL GAMING SYSTEMS
=
Acid-test ratio
=
Problem 12-04
McGraw-Hill/Irwin
Risk Ratios:
Receivable turnover ratio
Current ratio
=
3,086,000$
1,960,000
1,126,000
868,000$
2021 2020
196,000$ 154,000$
91,000 70,000
76,000$ 91,000$
8,000 4,000
Current Liabilities:
Accounts payable
Interest payable
Liabilities and Stockholders' Equity
Assets
Current Assets:
Cash
Accounts receivable
VIRTUAL GAMING SYSTEMS
December 31
Balance Sheets
VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2021
Gross profit
Cost of goods sold
Net sales
Given Data P12-04:
Operating expenses
Expenses:
Student Name:
Class:
3,086,000
80,500 38.3 times «- Correct!
415,000
104,000 4.0 to 1 «- Correct!
461,000
186,000 2.5 to 1 «- Correct!
1,126,000
3,086,000 36.5% «- Correct!
1,070,000
3,560,000 30.1% «- Correct!
Receivables turnover ratio
Current ratio
2021
2022
2021
VIRTUAL GAMING SYSTEMS
Requirement 1: Risk Ratios
=
=
=
=
=
Problem 12-06
McGraw-Hill/Irwin
Instructor
Gross profit ratio
Requirement 2: Profitability Ratios
2022
2021
Student Name:
Class:
Problem 12-06
McGraw-Hill/Irwin
Instructor
33,000
3,560,000 0.9% «- Correct!
3,086,000
870,100 3.5 times «- Correct!
2021
2022
Asset turnover
=
=
2022 2021
3,560,000$ 3,086,000$
2,490,000 1,960,000
1,070,000 1,126,000
2022 2021 2020
216,000$ 196,000$ 154,000$
90,000 91,000 70,000
161,000$ 76,000$ 91,000$
12,000 8,000 4,000
13,000 20,000 15,000
Given Data P12-06:
Current Liabilities:
Accounts payable
Interest payable
Income tax payable
Liabilities and Stockholders' Equity
December 31
Assets
Current Assets:
Cash
Accounts receivable
Balance Sheets
VIRTUAL GAMING SYSTEMS
For the Year Ended December 31
Income Statements
VIRTUAL GAMING SYSTEMS
Net Sales
Cost of goods sold
Gross profit
