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 $2,996,000 Cost of goods sold 1,942,000 Gross profit 1,054,000 Expenses: Operating expenses $850,000 Depreciation expense 23,000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense Total expenses Net income 40,000 931,200 122,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash 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 $178,000 $136,000 73,000 52,000 97,000 127,000 11,200 5,040 97,000 202,000 232,000 262,000 202,000 (57,000) (34,000) $863,200 $720,040 $ 58,000 4,400 11,000 $ 73,000 2,200 13,200 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 277,000 217,000 292,000 220,800 292,000 122,640 $863,200 $720,040 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 times days times days 5. Current ratio to 1 6. Acid-test ratio to 1 7. Debt to equity ratio % 8. Times interest earned ratio times