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 $3,540,000 $3,066,000 1,956,000 1,110,000 Net sales Cost of goods sold 2,486,000 Gross profit Expenses: Operating 1,054,000 961,000 864,000 expenses Depreciation expense Loss on sale of land Interest expense 36,000 30,000 8,600 21,000 18,000 Income tax 8,600 51,000 expense Total expenses 971,600 1,026,600 $138,400 Net income 27,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets Current assets: $210,000 84,000 $192,000 $150,000 87,000 Cash Accounts receivable 66,000 Inventory Prepaid rent Long-term as sets: Investment in bonds 134,000 111,000 12,600 141,000 14,600 6,720 111,000 111,000 Land 216,000 276,000 (78,000) $1,051,600 $927,600 $777,720 306,000 06, 0 (114,000) 246,000 216,000 Equipment Less: Accumulated depreciation (48,000) Total assets Liabilities and Stockholders' Equity Current liabilities: $ 139,800 $ 72,000 Accounts payable Interest payable Income tax payable Long-term liabilities : Notes payable Stockholders' equity: $127,520 10,800 7,200 3,600 18,000 12,600 14,600 231,000 460,000 291,000 306,000 Common stock 306,000 233,400 306, 00 95,000 Retained earnings 122,400 Total liabilities and stockholders' $1,051,600 $927, 600 $777,720 equity Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 Receivables turnover ratio times times times Inventory turnover ratio times to 1 to 1 Current ratio 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 Return on assets Profit margin % times Asset turnover times