VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net sales $3,505,000 $3,031,000 Cost of goods sold 2.479.000 1.949.000 Gross profit 1026,000 1082.000 Expenses Operating expenses 954,000 857000 Depreciation expense 29,000 26,500 Loss on sale of land 0 7900 Interest expense 17,500 14,500 Income tax expense 7.900 47,500 Total expenses 1,008,400 953,400 Net income $ 17,600 $ 128,600 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 200,500 $185.000 $143.000 74.500 80.000 59.000 124,500 104,000 134.000 13.900 11.900 5.880 Assets Current assets: 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 Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity 104.000 104.000 299,000 209,000 239,000 299,000 269,000 209,000 (96,500) (67,500 (41000) $1,018,900 $895,400 $ 748,890 $ 193,200 $ 65,000 8,700 5,800 11.900 14,500 $ 110,580 2.900 13,900 390.000 284,000 224,000 299,000 299,000 116,100 227100 $1018.900 $895.400 299.000 98.500 $ 748,880 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2022 times times to 1 % to 1 %