VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 $867,000 31,500 8,900 19,500 57,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land. Interest expense Income tax expense $3,081,000 1,959,000 1,122,000 983,900 $138,100 Total expenses Net income 2024 2023 Assets Current assets: Cash $195,000 90,000 $153,000 69,000 Accounts receivable Inventory 114,000 12,900 144,000 7,080 Prepaid rent Long-term assets: Investment in bonds 0 114,000 219,000 Land 249,000 Equipment 279,000 219,000 Less: Accumulated depreciation (82,500) (51,000) Total assets 941,400 $790,080 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $75,000 $90,000 Interest payable 7,800 3,900 19,500 14,900 Income tax payable. Long-term liabilities: Notes payable 294,000 234,000 Stockholders' equity: Common stock 309,000 309,000 Retained earnings 236,100 138,280 Total liabilities and stockholders' equity $941,400 $790,080 Required: Assuming that all sales were on account, calculate the following risk ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place.) to I decimal place.) 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 Risk Ratios times days times days % times