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 2021 $3,026,000 1,948,000 Net sales $3,500,000 2,478,000 Cost of goods sold Gross profit 1,022,000 1,078,000 Expenses: Operating expenses Depreciation expense 953,000 856,000 26,000 7,800 14,000 47,000 28,000 Loss on sale of land Interest expense 17,000 Income tax expense 7,800 05,80 1 50 00 expenses 127,200 16,200 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2020 2021 Assets Current assets: $184,000 79,000 103,000 11,800 Cash 200,000 74,000 124,000 $142,000 58,000 133,000 5,760 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 13,800 103,000 208,000 103,000 298,000 298,000 (94,000) 0 238,000 208,000 (40,000) Land Equipment Less: Accumulated depreciation 268,000 (66,000) $1,016,800 $890,800 $744,760 Total assets Liabilities and Stockholders' Equity Current liabilities: $ 64,000 Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity: $108,160 203,400 8,400 11,800 5,600 2,800 14,000 13,800 380,000 283,000 223,000 298,000 Common stock 298,000 115,200 298,000 99,000 Retained earnings 226,200 $1,016,800 $890,800 $744,760 Total liabilities and stockholders' equity Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 2021 Receivables turnover ratio times times Inventory turnover ratio times times Current ratio to 1 to 1 Debt to equity ratio 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 % % Gross profit ratio 0% % Return on assets Profit margin % Asset turnover times times