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Required information [The following information applies to the questions displayed below.] 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 $3,465,000 $2,991,000 2021 Net sales Cost of goods sold Gross profit 2,471,000 1,941,000 994,000 1,050,000 Expenses: 946,000 849,000 21,000 22,500 7,100 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 13,500 10,500 7,100 43,500 987,600 932,600 6,400 $ 117,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets Current assets: Cash $ 196,500 $177,000 70,500 $135,000 51,000 72,000 120,500 96,000 126,000 13,100 11,100 4.920 Accounts receivable Inventory Prepaid rent $135,000 51,000 Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $ 196,500 $177,000 70,500 72,000 120,500 96,000 13,100 11,100 126,000 4,920 Investment in bonds 0 Land Equipment 96,000 96,000 291,000 201,000 231,000 291,000 261,000 201,000 (76,500) (55,500) (33,000) $1,002,100 $858,600 $715,920 Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity $ 274,800 $ 57,000 $91,220 Current liabilities: Accounts payable Interest payable Income tax payable 6,300 4,200 2,100 11,100 10,500 13,00 Long-term liabilities: 310,000 276,000 216,000 Notes payable Stockholders' equity: Common stock 291,000 291,000 291,000 Retained earnings 108,900 219,900 102,500 $1,002,100 $858,600 $715,920 Total liabilities and stockholders' equity Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 Receivables turnover ratio 35.1 times 28.7 times 15.0 times 0.7 times Inventory turnover ratio Current ratio 4.0 to 1 0.2 to 1 Debt to equity ratio 3.8 % 3.7 %