Income Statement For the year ended December 31, 2021 Net sales $3,056,000 Cost of goods sold 1,954,000 Gross profit 1,102,000 Expenses: Operating expenses $862,000 Depreciation expense 29,000 Loss on sale of land 8,400 Interest expense 17,000 Income tax expense 52,000 Total expenses 968,400 Net income $ 133,600 as VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $148,000 64,000 139,000 6,480 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 Stockholdere entitvt $190,000 85,000 109,000 12,400 109,000 214,000 274,000 (75,000) $918,400 244,000 214,000 (46,000) $769,480 $ 70,000 6,800 17,000 $ 85,000 3,400 14,400 289,000 229,000 $ 70,000 6,800 17,000 $ 85,880 3,400 14,400 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 289,800 229,800 304,000 231,600 $918,400 384,090 133,680 $769,480 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final to 1 decimal place.) Risk Ratios 1. Receivables tumover ratio 2. Average collection period 3. Inventory tumover ratio 4. Average days in inventory 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio 8. Times interest earned ratio times days times days to 1 to 1 % times