Con Week & Homes somheducation.com -lomework VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable. Inventory Prepaid rent Long-term assets Investment in bands a Land Equipment Less: Accumulated depreciation Total assets tiabilities 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 Required: $195,000 90,000 114,000 7,080 $153,000 69,000 144,000 12,900 114,000 8 219,000 249,000 279,000 219,000 (82,500) ($1,000) $941,400 $790,080 $ 75,000 7,800 19,500 $ 90,000 3,900 14,900 294,000 234,000 300,000 309,000 236,100 138,280 5941,400) $790,080 Assuming that all sales were on account, calculate the following risk ratios for 2021 (Use 365 days a year. Round your final answers to 1 decimal place.) Risk Ratios Con Week & Homes somheducation.com -lomework VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable. Inventory Prepaid rent Long-term assets Investment in bands a Land Equipment Less: Accumulated depreciation Total assets tiabilities 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 Required: $195,000 90,000 114,000 7,080 $153,000 69,000 144,000 12,900 114,000 8 219,000 249,000 279,000 219,000 (82,500) ($1,000) $941,400 $790,080 $ 75,000 7,800 19,500 $ 90,000 3,900 14,900 294,000 234,000 300,000 309,000 236,100 138,280 5941,400) $790,080 Assuming that all sales were on account, calculate the following risk ratios for 2021 (Use 365 days a year. Round your final answers to 1 decimal place.) Risk Ratios Retained earnings Total Habilities and stockholders' equity 236,108 138,280 $941,400 $790,080 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final answers to 1 decimal place.) Risk Ratus 1 Receivables turnover ratio 388 mes 2 Averago collection period 94 days 3 Inventory turnover ratio 15.2 times 4 Average days in inventory 24.0 days 5 Current ratio 6 Acid-test ratio. 7 Debt to equity ratio B Times interest earned ratio to 1 to 1 % times O