3. HUNTIL WIR Saved The following income statement and balance sheets for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $2,986,089 Cost of goods sold 11,940, eee Gross profit 1,846,000 Expenses: Operating expenses $848 ese Depreciation expense 22.ee Loss on sale of land Interest expense a. Income tax expense 38.000 Total expenses Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $176,099 71,000 95,000 11,099 $134,600 50,000 125,000 4,800 I Prey 6 of 6 Next Long-term assets: Investment in bonds 230, 95.000 290.000 260.00 (56,eee) $854, 200. (32,000) 5711, Bee 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 $ 56, 4. He 10,see 571, 809 2.ee 13.aee 275, 215,000 $711. gee 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.) times 11 2 Risk Ratios Receivables turnover ratio Average collection period inventory turnover rabo 3