[The following information applies to the questions displayed below) Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements Tor the years ended December 31 2022 2021 et sales 53,475,000 $3,001,000 Cost of goods sold 2.473,000 1,943,000 Grom profit 1,002,000 1.058,000 Expenses Operating expenses 948,000 851,000 Depreciation expense 23.000 23,500 Los on sale of land 7.300 Interest expense 14,500 11.500 Income tax expense 7.300 44,500 Total expenses 992,000 937.100 Net Income $ 9,200 $ 120,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 13 2022 2021 2020 5 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets! Tovestment in bonds Land Equipment 197,500 71,500 121.500 13,300 $179.000 74.000 90,000 $3.300 $137.000 53,000 128.000 5.260 98.000 293.000 293,000 98,000 203,000 263.000 0 233,000 203.000 20 * . 000 2 3 4 5 6 6 7 00 CO OD W ER T Y U 0 , 71,500 121,500 13,300 I. 74,000 98,000 11,300 DUM 53,000 128,000 5,160 98.000 98,000 293,000 203.000 293,000 263,000 (81,500). (58.500) $1,006,300 $867,800 0 233,000 203,000 (35,000) $724,160 LO Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment LOBST Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilities Accounts payable Interest payablo Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 254,400 6.900 11,300 $ 59,000 4.600 11.500 $ 96,060 2,300 13,300 330,000 278,000 218,000 293,000 110.200 $1,006,300 293,000 293,000 221.200 201.500 $867,800 $724,160 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2022 times times to 1 % to 1 % 80 OOD DOO 74 5 7 8