Saved 3 $2,230,000 1,550,000 680,000 Sales revenue Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 347,000 65,000 4,300 22,000 54,000 492,300 187,700 $ LASER WORLD Balance Sheet December 31 2021 2020 Assets Current assets: Cash $ 127,000 $109,000 Accounts receivable 96,000 79,000 Inventory 220,000 200,000 Prepaid rent 12,000 12,000 Long-term assets: Land 300,000 240,000 Equipment 340,000 290,000 Accumulated depreciation (78,000) (47,000) Total assets $1,017,000 $883,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 58,000 $ 56,000 Interest payable 8,400 7,400 Income tax payable 15,700 12,700 Long-term liabilities: Notes payable 350,000 250,000 Stockholders' equity: Common stock 110,000 110,000 Retained earnings 474,900 446,900 Total liabilities and emitu 1.017.000 S883.000 Assuming that all sales were on account, calculate the following risk ratios for 2021: (Assume 365 days in a year. Round your intermediate calculations and final answers to 1 decimal place.) Risk Ratios 1. Receivables turnover ratio 2 Average collection period 3. Inventory turnover ratio 4. Average days in inventory 5 Current ratio 6 Acid-test ratio 7. Debt to equity ratio 8. Times interest earned ratio times days timos days to 1 to 1 % times