VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $3,046,000 1,952,000 1,094,000 $860,000 28,000 8.200 16,000 50,000 962,200 $ 131,800 Assets Current assets: VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 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 $188,000 $146,000 83,000 62,000 107,000 137,000 12,200 6,240 107,000 212,000 242,000 272,000 212,000 (72,000) (44,000) $909,200 $761,240 $ 68,000 $ 83,000 6,400 3,200 16,000 14,200 287,000 227,000 Stockholders' equity: Common stock 302,000 302,000 Retained earnings 229,800 131,840 Total liabilities and stockholders' equity $909,200 $761,240 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 times days times 4. Average days in inventory 5. Current ratio 6. Acid-test ratio days to 1 to 1 7. Debt to equity ratio % 8. Times interest earned ratio times