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 $3,001,000 Cost of goods sold 1,943,000 Gross profit 1,058,000 Expenses: Operating expenses $851,000 Depreciation expense 23,500 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 934,300 Net income $ 123, 700 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $179,000 74,000 98,000 11,300 $137,000 53,000 128,000 5,160 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 98,000 203,000 263,000 (58,500) $867,800 233,000 203, 000 (35,000) $724,160 $ 59,000 4,600 11,500 $ 74,000 2,300 13,300 278,000 218,000 293, 000 221,700 $867,800 293, 000 123,560 $724, 160 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.) times 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 earned ratio days times days to 1 to 1 times