The following income statement and balance sheets for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold $2,996, 000 1,942,000 1 , 054, 000 Gross profit Expenses: Operating expenses Depreciation expensee Loss on sale of land Interest expense Income tax expense $850,000 23,000 7,200 11,000 40,000 Total expenses 931,200 $ 122,800 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $178,000 $136,000 52,000 127,000 5, 040 73,000 97,000 11,200 Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation 97,000 202,000 262,000 (57,000 232,000 202,000 34,000 $863,200 $720,040 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $58,000 4,400 11,000 73,000 2,200 13,200 Long-term liabilities: Notes payable 277,000 217,000 Stockholders' equity: 292,000 Common stock 292,000 220,800 122,640 $863,200 $720,040 Retained earnings Total liabilities and stockholders' equity Required: Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your 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 times days to 1 to 1 times