VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,046,000 Cost of goods 1,952,000 sold Gross profit 1,094,000 Expenses: Operating $860,000 expenses Depreciation 28,000 expense Loss on sale 8,200 of land Interest 16,000 expense Income tax 50,000 expense Total 962,200 expenses Net income $ 131,800 2020 $146,000 62,000 137,000 6,240 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 Assets Current assets: Cash $ 188,000 Accounts receivable 83,000 Inventory 107,000 Prepaid rent 12,200 Long-term assets: Investment in bonds 107,000 Land 212,000 Equipment 272,000 Less: Accumulated depreciation (72,000) Total assets $909,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 68,000 Interest payable 6,400 Income tax payable 16,000 Long-term liabilities: Notes payable 287,000 Stockholders' equity: Common stock 302,000 Retained earnings 229,800 Total liabilities and stockholders' $909,200 equity 0 242,000 212,000 (44,000) $761, 240 $ 83,000 3,200 14,200 227,000 302,000 131,840 $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 4. Average days in inventory 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio 8. Times interest earned ratio times days times days to 1 to 1 % times