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 $3,490,000 $3,016,000 Cost of goods sold 2,476,000 1,946,000 Gross profit 1,014,000 1,070, eee Expenses: Operating expenses 951,000 854,000 Depreciation expense 26,000 25,000 Loss on sale of land 7,600 Interest expense 16,000 13,000 Income tax expense 7,600 46,000 Total expenses 1,000,600 945,600 Net income 13,400 $ 124,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 199,000 73, eee 123,000 13,600 $182,eee $140, eee 77, eee 56, eee 101, eee 131, 11,6ee 5,520 101, eee 101, eee e 296, eee 206, eee 236, eee 296,000 266,000 206,000 (89, 800) (63,000) (38,eee) $1,012,600 $881,600 $736,528 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 ilities and stockholders' equity $ 223,800 7,800 11,600 $ 62,000 $103,320 5, 200 2,600 13, eee 13,600 36e, eee 281, eee 221,00 296,000 113,400 $1,012,600 296,000 224,400 $881,600 296,000 Iee, eee $736,52 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 % % Gross profit ratio Return on assets Profit margin Asset turnover 2022 % % % % times times