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 Net sales $3,550,000 $3,076, 000 Cost of goods sold 2,488,000 1,958,000 Gross profit 1,062,000 1, 118,000 Expenses: Operating expenses 963,000 866, 000 Depreciation expense 38,000 31,000 Loss on sale of land 8,800 Interest expense 22,000 19,000 Income tax expense 8,800 52,000 Total expenses 1,031,800 976,800 Net income $ 30, 200 $ 141,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 213,000 87,000 137,000 14,800 $194,000 89,000 113,000 12,800 $152,000 68,000 143,000 6,960 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 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 113,000 308,000 308,000 (119, 000) $1,061,800 113,000 218,000 278,000 (81, 000) $936, 800 248,000 218,000 (50,000) $785, 960 $ 125, 400 $ 74,000 11, 4007 ,600 12, 800 19,000 $132, 360 3,800 14,800 480,000 293, 000 233, 000 308,000 124, 200 $1,061,800 308,000 235, 200 $936, 800 308,000 94,000 $785,960 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place 2021 2022 times times times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to 1