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Required: Assuming that all sales were on account, calculate the following risk ratios for 2024 . (Use 365 days a year. Round your final answers

image text in transcribedimage text in transcribed Required: Assuming that all sales were on account, calculate the following risk ratios for 2024 . (Use 365 days a year. Round your final answers to 1 decimal place.) The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $3,031,0001,949,0001,082,000 $857,00026,5007,90014,50047,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets 2024 2023 Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bond 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 Required: Assuming that all sales were on account, calculate the following risk ratios for 2024 . (Use 365 days a year. Round your final answers

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