For the Year Ended December 31, 2024 Net sales $3,021,000 Cost of goods sold 1,947,000 Gross profit Expenses: 1,074,000 Operating expenses $855,000 Depreciation expense 25,500 Loss on sale of land Interest expense Income tax expense Total expenses Net income 7,700 13,500 45,000 946,700 $127,300 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 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 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Required: 2024 2023 $183,000 $141,000 78,000 57,000 102,000 132,000 11,700 5,640 102,000 0 207,000 237,000 267,000 207,000 (64,500) (39,000) 886,200 $740,640 $63,000 5,400 $78,000 2,700 13,500 13,700 282,000 222,000 297,000 297,000 225,300 127,240 $886,200 $740,640 Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio times 2. Average collection period 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