The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 $ 868,000 32,000 9,000 20,000 58,000 $ 3,086,000 1,960,000 1,126,000 987,000 $ 139,000 VIRTUAL GAMING SYSTEMS Balance Sheets: December 31 2024 2023 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. Long-term liabilities: Notes Davable $196,000 91,000 115,000 13,000 115,000 220,000 280,000 (84,000) $ 946,000 $ 76,000 8,000, $ 154,000 70,000 145,000 7,200 0 250,000 220,000 (52,000) $ 794,200 $ 91,000 4,000 15,000 20,000 295.000 235.000 7 1.5 points Investment in bonds Land Equipment Less: Accumulated depreciation Total assets. Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable 115,000 220,000 280,000 (84,000) $ 946,000 0 250,000 220,000 (52,000) $ 794,200 $ 76,000 8,000 20,000 $ 91,000 eBook Print References Income tax payable. Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and equity Required: 4,000 15,000 295,000 235,000 310,000 310,000 237,000 139,200 $ 946,000 $ 794,200 Assuming that all sales were on account, calculate the following ratios for 2024. Note: Use 365 days a year. Round your final answers to 1 decimal place. Risk Ratios 1. Receivable turnover ratio 2. Average collection period times days. 3. Inventory turnover ratio. times 4. Average days in inventory days 5. Current ratio to 1 6. Acid-test ratio to 1 7. Debt to equity ratio % 8. Times interest earned ratio times