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I need these last questions. I have been studying so hard in this accounting class but I need some help now.

a.) The following income statement and balance sheets for Virtual Gaming Systems are provided.

VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2024
Net sales		$3,046,000
Cost of goods sold		1,952,000
Gross profit		1,094,000
Expenses:
Operating expenses	$860,000
Depreciation expense	27,000
Loss on sale of land	8,200
Interest expense	16,000
Income tax expense	50,000
Total expenses		961,200
Net income		$132,800

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$188,000	$146,000
Accounts receivable	83,000	62,000
Inventory	107,000	137,000
Prepaid rent	12,200	6,240
Long-term assets:
Investment in bonds	107,000	0
Land	212,000	242,000
Equipment	272,000	212,000
Less: Accumulated depreciation	(71,000)	(44,000)
Total assets	910,200	$761,240
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$68,000	$115,840
Interest payable	6,400	3,200
Income tax payable	16,000	14,200
Long-term liabilities:
Notes payable	287,000	227,000
Stockholders' equity:
Common stock	302,000	302,000
Retained earnings	230,800	99,000
Total liabilities and stockholders equity	$910,200	$761,240

Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50.

Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.)

b.)

The following income statement and balance sheets for Virtual Gaming Systems are provided.

VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2024
Net sales		$3,046,000
Cost of goods sold		1,952,000
Gross profit		1,094,000
Expenses:
Operating expenses	$860,000
Depreciation expense	27,000
Loss on sale of land	8,200
Interest expense	16,000
Income tax expense	50,000
Total expenses		961,200
Net income		$132,800

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$188,000	$146,000
Accounts receivable	83,000	62,000
Inventory	107,000	137,000
Prepaid rent	12,200	6,240
Long-term assets:
Investment in bonds	107,000	0
Land	212,000	242,000
Equipment	272,000	212,000
Less: Accumulated depreciation	(71,000)	(44,000)
Total assets	910,200	$761,240
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$68,000	$115,840
Interest payable	6,400	3,200
Income tax payable	16,000	14,200
Long-term liabilities:
Notes payable	287,000	227,000
Stockholders' equity:
Common stock	302,000	302,000
Retained earnings	230,800	99,000
Total liabilities and stockholders equity	$910,200	$761,240

Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50.

Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.)

	Profitability Ratios 1 .Gross profit ratio % 2. Return on assets % 3. Profit margin % 4. Asset turnover times 5. Return on equity % 6 .Price-earnings ratio

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