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 $3,470,000 $2,996,000 Cost of goods sold 2,472 , 1,942,000 Gross profit 998,000 1, 54 , Expenses: Operating expenses 947,000 850,000 Depreciation expense 22,000 23,000 Loss on sale of land 7,200 Interest expense 14,000 11 , Income tax expense 7,200 44,000 Total expenses 990,200 935,200 Net income 7,800 $ 118,800 Net income $ 7,800 $ 118,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 197,000 $178,eee $136,000 71,000 73,000 52 , 121,800 97,000 127 , 13, 200 11,200 5,040 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 97 , 97,000 292,000 22 , . 232 , 292, eee 262 , 22 , (79,000) (57,000) (34,000) $1,004,200 $863,200 $720, 040 $ 264,600 $ 58,000 $ 93,640 6,600 4,400 2,200 11,200 11,000 13,200 320,000 277,000 217,000 292,000 109,800 $1,004,200 292,000 220,800 $863,200 292,000 102,000 $720,840 Drau 320,000 277,000 217,000 LUNCLE LACULL LLLS. Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 292,000 292,000 292,800 109,800 229,800 12 , $1,004,200 $863,200 $720,048 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. 2021 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 44.2 X times 16.5 times 45 to 1 69.9 % 2022 45.8 X times 21.8 times 1.8 to 1 146.1 %