Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,460,000 $2,986,000 Cost of goods sold 2,470,000 1,940,000 Gross profit 990,000 1,046,000 Expenses : Operating expenses 945,000 848,000 Depreciation expense 20,000 22,000 Loss on sale of land 0 7,000 Interest expense 13,000 10,000 Income tax expense 7,000 43,000 Total expenses 985,000 930,000 Net income $ 5,000 $ 116,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 196,000 70,000 120,000 13,000 $176,000 $134,000 71,000 50,000 95,000 125,000 11,000 4,800 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 95,000 290,000 290,000 (74,000) $1,000,000 95,000 200,000 260,000 (54,000) $854,000 0 230,000 200,000 (32,000) $711,800 $ 285,000 6,000 11,000 $ 56,000 $ 88,800 4,000 2,000 10,000 13,000 300,000 275,000 215,000 290,000 108,000 $1,000,000 290,000 219,000 $854,000 290,000 103,000 $711,800 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 % % Gross profit ratio Return on assets Profit margin Asset turnover % % % % times times