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The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024

The following income statement and balance sheets for Virtual Gaming Systems are provided.

VIRTUAL GAMING SYSTEMS
Income Statement
For the Year Ended December 31, 2024
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 928,100
Net income $121,900

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
2024 2023
Assets
Current assets:
Cash $177,000 $135,000
Accounts receivable 72,000 51,000
Inventory 96,000 126,000
Prepaid rent 11,100 4,920
Long-term assets:
Investment in bonds 96,000 0
Land 201,000 231,000
Equipment 261,000 201,000
Less: Accumulated depreciation (55,500) (33,000)
Total assets 858,600 $715,920
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $57,000 $72,000
Interest payable 4,200 2,100
Income tax payable 10,500 13,100
Long-term liabilities:
Notes payable 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

Required: Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place.)

Receivable turnover ratio times
average collection period days
inventory turnover ratio times
average days in inventory days
current ratio
acid-test ratio
debt to equity ratio %
times interest earned ratio times

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