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 $2,991,000 Cost of goods sold 1,941,000 Gross profit 1,050,000 Expenses: Operating expenses $849,000 Depreciation expense 22,500 Loss on sale of land 7,100 Interest expense 10,500 Income tax expense 39,000 Total expenses Net income 928,100 $ 121,900 Assets Current assets: Cash Accounts receivable VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2021 2020 $177,000 $135,000 72,000 51,000 96,000 126,000 11,100 4,920 96,000 0 201,000 231,000 261,000 201,000 (55,500) (33,000) $858,600 $715,920 Interest payable $ 57,000 4,200 $ 72,000 2,100 Long-term liabilities: Income tax payable Notes payable 10,500 13,100 276,000 216,000 Stockholders' equity: Common stock 291,000 291,000 Retained earnings 219,900 121,720 Total liabilities and stockholders' equity $858,600 $715,920 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 72,000 51,000 96,000 126,000 11,100 4,920 96,000 0 201,000 231,000 261,000 201,000 (55,500) (33,000) $858,600 $715,920 $ 57,000 4,200 $ 72,000 2,100 10,500 13,100 276,000 216,000 291,000 291,000 219,900 121,720 $858,600 $715,920 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.) 1. Risk Ratios Receivables turnover ratio 2. Average collection period 3. Inventory turnover ratio 4. Average days in inventory times days times days to 1 to 1 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio % 8. Times interest earned ratio times