Assuming that all sales were on account, calculate the following risk ratios for 2021.

NEED HELP ON 7 AND 8

The following income statement and balance sheets for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,086,000 Cost of goods sold 1,960,000 Gross profit 1,126,000 Expenses: Operating expenses $868,000 Depreciation expense 32,000 Loss on sale of land 9,000 Interest expense 20,000 Income tax expense 58,000 Total expenses 987,000 Net income $ 139,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $196,000 91,000 115,000 13,000 $154,000 70,000 145,000 7,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets 115,000 220,000 280,000 (84,000) $946,000 0 250,000 220,000 (52,000) $794,200 $ 91,000 $ 76,000 8,000 20,000 4,000 15,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 295,000 235,000 310,000 237,000 $946,000 310,000 139,200 $794,200 equired: ssuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final answers 1 decimal place.) Risk Ratios Receivables turnover ratio 2. Average collection period Inventory turnover ratio Average days in inventory Current ratio Acid-test ratio - Debt to equity ratio Times interest earned ratio 38.3 times 9.5 days 15. times 24.2 days 4.0 to 1 2.9 to 1 % times Prev 5 of 6 Next