be X, * A - - A. I Normal 1 No Spac... Heading 1 Heading 2 Title Font Styles Paragraph 12 3 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 $3,051,000 cost of goods sold 1953,000 Gross profit 1,098,000 Expenses: Operating expenses $861,000 Depreciation expense 28,500 Loss on sale of land 8,300 Interest expense 16,500 Income tax expense 51.000 Total expenses 965,300 met income $ 132,700 VIRTUAL GAMLING SYSTEMS Balance Sheets December 31 2021 2020 $189,000 84,000 108,000 12,300 $147.000 63,000 138,000 5.300 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investsent in bonds Land Equipment Less! Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: 288,000 213,000 273.000 23,500) $91), BOO 243,000 213,000 45,000) $763,360 essibility investigate ch Font 19 Styles Paragraph 2 108,000 12,300 138,000 6,360 108,000 213,000 273,000 (23,500) 5913,800 e 243,000 213,000 (45,000) $765,360 Inventory Prepaid rent Long-ters assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders. Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity! Connon stock Retained earnings Total liabilities and stockholders' equity $ 69,000 6,600 $ 84,000 3,100 14,100 16,500 288.000 225,000 303,000 230,00 $933,00 303,000 132, 260 5765,360 Required: Assuming that all sales were on account calculate the following risk ratios for 2021. (Use 365 days a year. Round your finanswers to 1 decimal place) times days es Ratios Relaties mover to 2. Average collection period story tumove to 4. Average days in inventory Suren Acides to 7. Die The wereld 101 ssibility Investigate ch ot