Required Information Problem 12-6A Use ratios to analyze risk and profitability (L012-3, 12-4) [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 2021 Net sales $3,540,000 $3,066,000 Cost of goods sold 2,486,000 1,956,000 Gross profit 1,054,000 1,110,000 Expenses: Operating 961,000 864,000 expenses Depreciation 36,000 30,000 expense Loss on sale of 8,600 land Interest expense 21,000 18,000 Income tax 8,600 51,000 expense Total expenses 1,026,600 971,600 llet income $ 27,400 $ 138,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets work VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets Current assets: Cash $ 210,000 $192,000 $150,000 Accounts receivable 84,000 87,000 66,000 Inventory 134,000 111,000 141,000 Prepaid rent 14,600 12,600 6,720 Long-term assets: Investment in bonds 111,000 111,900 Land 306,809 216,000 246,000 Equipment 306, 000276, 900 216,000 Less: Accumulated depreciation (114,800) (78, 800) (48,000) Total assets $1,051, 600 $927,600 $777,720 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 139,800 $ 72,000 $127,520 Interest payable 10,800 7,200 3,600 Income tax payable 12,600 18,000 14,600 Long-term liabilities: hotes payable 460,090 291,000 231,000 Stockholders' equity. Common stock 306,000 306,000 306,00 Retained earnings 122,400 233,400 95.000 Total liabilities and stockholders! $1,051,500 $927,600 $777,720 equity Problem 12-6A Part 1 Required: for 20 0 2 Round your answers to be e to search acer 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