value: 112 points The following income statement and balance sheet for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2015 Net sales Cost of goods sold $3,046,000 1,952,000 Gross profit 1,094,000 Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $860,000 28,000 8,200 16,000 50,000 Total expenses 962,200 Net income $131,800 VIRTUAL GAMING SYSTEMS Balance Sheet December 31 2015 2014 Assets Current assets Cash Accounts receivable Inventory Prepaid rent $188,000 $146,000 62,000 137,000 6,240 83,000 107,000 12,200 Long-term assets Investment in bonds Land Equipment Less: Accumulated depreciation 107,000 212,000 272,000 0 242,000 212,000 (72,000 (44,000) Total assets $909,200 $761,240 Liabilities and Stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable $68,000 83,000 3,200 14,200 6,400 16,000 287,000 302,000 Long-term liabilities Notes payable 227,000 Stockholders' equity: Common stock Retained earnings 302,000 131,840 229,800 Total liabilities and stockholders' equity $909,200 $761,240 Required Assuming that all sales were on account, calculate the following risk ratios for 2015. (Use 365 days a year Round your intermediate and final answers to 1 decimal place.) Required Assuming that all sales were on account, calculate the following risk ratios for 2015. (Use 365 days a year Round your intermediate and 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 earned ratio imes days imes days to 1 to 1 imes