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$2,270,000 1,580,000 690,000 Sales revenue 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 344,000 66,000 4,700 23,000 54,000 491,700 $ 198,300 2020 $101,000 74,000 170,000 12,000 LASER WORLD Balance Sheet December 31 2021 Assets Current assets: Cash $121,000 Accounts receivable 95,000 Inventory 190,000 Prepaid rent 12,000 Long-term assets : Land 320,000 Equipment 310,000 Accumulated depreciation 70,000) Total assets $978,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 59,000 Interest payable 8,300 Income tax payable 15,200 Long-term liabilities: Notes payable 340,000 Stockholders' equity: Common stock 160,000 Retained earnings 395,500 Total liabilities and equity $978,000 260,000 260,000 (46,000) $831,000 $ 57,000 7,300 12,300 240,000 160,000 354,400 $831,000 Assuming that all sales were on account, calculate the following risk ratios for 2021: (Assume 365 days in a year. Round you intermediate calculations and final answers to 1 decimal place.) 1. Risk Ratios Receivables turnover ratio 2 Average collection period 3 Inventory turnover ratio Average days in inventory timos days times days 4 Risk Ratios 1. times 2. 3. Receivables turnover ratio Average collection period Inventory turnover ratio Average days in inventory Current ratio days times 4. days 5. to 1 6. Acid-test ratio to 1 7. Debt to equity ratio Times interest earned ratio % 8. times