You skipped this question in the previous atte 6 The following income statement and balance sheets for Virtual Gaming Systems 10 points eBook VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,051,000 Cost of goods sold 1,953,000 Gross profit 1,098,000 Expenses: Operating expenses $861,000 Depreciation expense 28,500 Loss on sale of land 8,300 Interest expense 16,500 Income tax expense 51,000 Total expenses 965,300 Net income $ 132,700 Ask Print References VIRTUAL GAMING SYSTEMS VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2821 2020 $189,000 84,000 108,000 12,300 $147,000 63,000 138,000 6,360 108,000 213,000 273,000 (73,500) $913,800 243,000 213,000 (45,000) $765, 360 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 $ 69,000 6,600 16,500 $ 84,000 3,300 14,300 288,000 228,000 303,000 230,700 S913,800 303,000 132,760 $765,360 Required: Assuming that all sales were on account, calculate the following ris! to 1 decimal place.) 5 Risk Ratios times Book days times days Print 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 to 1 erences to 1 % times