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 $3,011,000 Cost of goods sold 1,945,000 Gross profit 1,066,000 Expenses: Operating expenses $853,000 Depreciation expense 24,500 Loss on sale of land 7,500 Interest expense 12,500 Income tax expense 43,000 Total expenses 940,500 Net income $ 125,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets 2021 2020 $181,000 76,000 100,000 11,500 $139,000 55,000 130,000 5,400 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 payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 100,000 205,000 265,000 (61,500) $877,000 235,000 205,000 (37,000) $732,400 $ 61,000 5,000 12,500 $ 76,000 2,500 13,500 280,000 220,000 295,000 223,500 $877,000 295,000 125,400 $732,400 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 eamed ratio 46.0 times 8.0 days 16.9 times 21.6 days 10 1 lo 1 times