[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 For the year ended December 31 2019 2018 $3,495,000 Net sales $3,021,000 Cost of goods sold 2,477000 1,947000 1,074,000 Gross profit Expenses Operating expenses Depreciation expense Loss on sale of land 1,018,000 952,000 27,000 855,000 25,500 7,700 13,500 46,500 0 16,500 Interest expense 7,700 ncome tax expense Total expenses 1,003,200 948,200 $ 14,8000 Net income $ 125,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2019 2017 Assets Current assets $183,000 78,000 Cash $ 199,500 $141,000 57000 Accounts receivable 73,500 102,000 Inventory 123,500 132,000 5,640 Prepaid rent 13,700 11,700 Long-term assets Investment in bonds 102,000 297,000 102,000 207,000 267,000 (64,500) 0 237000 207000 (39,000) Land Equipment Less: Accumulated depreciation 297,000 (91,500) $886,200 $740,640 Total assets $1,014,700 Liabilities and Stockholders' Equity Current liabilities $ 213,600 8,100 11,700 $ 63,000 $105,740 2,700 13,700 Accounts payable Interest payable 5,400 Income tax pavable 13,500 Long-term liabilities Notes payable Stockholders' equity: Common stock 370,000 282,000 222,000 297,000 297,000 225,300 297,000 Retained earnings 114,300 99,500 $1,014,700 $886,200 $740,640 Total liabilities and stockholders' equity Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal place.) 2019 2918 Receivables turnover times times ratio times Inventory turnover ratio times Current ratio to 1 to 1 Debt to equity ratio 2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.) 2018 2019 Gross profit ratio Return on assets Profit margin Asset turnover times times