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University Of West Florida Operations And Supply Chain Management Assignment Help - Income statement

Question - Income statement and balance sheet data for Virtual Gaming Systems are provided below. Document Preview: Income statement and balance sheet data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31 2013 2012 Sales revenue $3,510,000 $3,036,000 Cost of goods sold 2,480,000 1,950,000 Gross profit 1,030,000 1,086,000 Expenses: Operating expenses 955,000 858,000 Depreciation expense 30,000 27,000 Loss on sale of land 0 8,000 Interest expense 18,000 15,000 Income tax expense 8,000 48,000 Total expenses 1,011,000 956,000 Net income $ 19,000 $ 130,000 VIRTUAL GAMING SYSTEMS Balance Sheet December 31 ...Read More

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