12-4A (Static) Calculate risk ratios (LO12-3) The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $ 868,000 32,000 9,000 20,000 $ 3,086,000 1,960,000 1,126,000 987,000 58,000 VIRTUAL GAMING SYSTEMS $ 139,000 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Balance Sheets December 31 2024 2023 $ 196,000 91,000 115,000 13,000 $ 154,000 70,000 145,000 7,200 115,000 0 220,000 250,000 280,000 220,000 (84,000) $ 946,000 (52,000) $ 794,200 Interest payable Income tax payable Long-term liabilities: Notes payable $ 76,000 8,000 20,000 $ 91,000 4,000 15,000 295,000 235,000 Stockholders' equity: Common stock 310,000 310,000 Retained earnings 237,000 139,200 Total liabilities and stockholders' equity $ 946,000 $ 794,200 Required: Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round your final answe to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio 2. Average collection period times days 3. Inventory turnover ratio times 4. Average days in inventory days 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio % 8. Times interest earned ratio times