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Required information [The following information applies to the questions displayed below.] Income statement and balance sheet data for Virtual Gaming Systems are provided below. VIRTUAL

Required information

[The following information applies to the questions displayed below.] Income statement and balance sheet data for Virtual Gaming Systems are provided below.

VIRTUAL GAMING SYSTEMS
Income Statements
For the years ended December 31
2022 2021
Net sales $ 3,560,000 $ 3,086,000
Cost of goods sold 2,490,000 1,960,000
Gross profit 1,070,000 1,126,000
Expenses:
Operating expenses 965,000 868,000
Depreciation expense 40,000 32,000
Loss on sale of land 0 9,000
Interest expense 23,000 20,000
Income tax expense 9,000 58,000
Total expenses 1,037,000 987,000
Net income $ 33,000 $ 139,000

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
2022 2021 2020
Assets
Current assets:
Cash $ 216,000 $ 196,000 $ 154,000
Accounts receivable 90,000 91,000 70,000
Inventory 140,000 115,000 145,000
Prepaid rent 15,000 13,000 7,200
Long-term assets:
Investment in bonds 115,000 115,000 0
Land 310,000 220,000 250,000
Equipment 310,000 280,000 220,000
Less: Accumulated depreciation (124,000 ) (84,000 ) (52,000 )
Total assets $ 1,072,000 $ 946,000 $ 794,200
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 161,000 $ 76,000 $ 91,000
Interest payable 12,000 8,000 4,000
Income tax payable 13,000 20,000 15,000
Long-term liabilities:
Notes payable 450,000 295,000 235,000
Stockholders' equity:
Common stock 310,000 310,000 310,000
Retained earnings 126,000 237,000 139,200
Total liabilities and stockholders equity $ 1,072,000 $ 946,000 $ 794,200

Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) receivables turnover ratio, inventory turnover ratio, current ratio,debt to equity ratio

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