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 $3,525,000 $3,051,000 Cost of goods sold 2,483,000 1,953,000 Gross profit 1,042,000 1,098,000 Expenses: Operating expenses 958,000 861,000 Depreciation expense 33,000 28,500 Loss on sale of land 0 8,300 Interest expense 19,500 16,500 Income tax expense 8,300 49,500 Total expenses 1,018, 800 963,800 Net income $ 23,200 $ 134,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 205,500 79,500 129,500 14,300 $189,000 84,000 108,000 12,300 $147,000 63,000 138,000 6,360 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets 108,000 303,000 303,000 (106,500). $1,036,300 108,000 213,000 273,000 (73,500). $913,800 0 243,000 213,000 (45,000) $765,360 IULUI UDJELO $ 161,400 9,900 12,300 $ 69,000 6,600 16,500 $120, 260 3,300 14,300 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 430,000 288,000 228,000 303,000 119,700 $1,036,300 303,000 230,700 $913,800 303,000 96,500 $765, 360 Problem 12-6A Part 1 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 times times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio times to 1 to 1