Requlred Informatlon [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 $3,475, 090 2,473, 000 1,802, 000 $3,801, 000 1,943,000 1,858, 000 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 948, 00e 23,00e 851, 00e 23,500 7,300 11,50e 44.500 937,800 14,500 7,300 992.800 %24 120, 200 Net income 9, 200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 2022 Assets Current assets: Cash %24 197, 50e 71,500 $179,000 74,000 98,000 11, 300 $137,000 53,000 128,000 5,160 Accounts receivable 121,500 13,300 Inventory Prepaid rent Long-term assets: Investment in bonds 98,000 293,000 293, 000 (81,500) 98,000 203, 000 263, 000 (58,500) Land 233,000 203,000 (35,000) Equipment Less: Accumulated depreciation Total assets $1,806, 300 $867,800 $724,160 Liabilities and Stockholders' Equity Current liabilities: $ 96,060 2, 300 13,300 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: $ 254, 400 6,900 11, 300 $ 59,000 4,600 11,50e 338, 278, 000 218, 000 Common stock 293, 000 110,700 293, 000 221,700 293, 000 101,500 Retained earnings $1,e06, 300 $867, 800 $724, 160 Total liabilities and stockholders' equity 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 times Asset turnover