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Problem 12-4B Calculate risk ratios (LO12-3) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,810,000 Cost of goods sold 5,405,000 Gross profit 3,405,000 Expenses: Operating expenses $1,555,000 Depreciation expense 201,000 Interest expense 41,000 Income tax expense 351,000 Total expenses 2,148,000 Net income $1,257,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $ 155,000 745,000 1,360,000 101,000 $ 205,000 765,000 1,030,000 76,000 1,105,000 (402,000) $3,064,000 1,105,000 (201,000) $2,980,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: 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 $ $ 106,000 @ 35,500 82,000 4,100 30,100 510,000 510,000 610,000 1,802,500 $3,064,000 610,000 1,743,800 $2,980,000 Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your intermediate and final answers to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio 2. Average collection period 3. Inventory turnover 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