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Nice Sheets for Laser World are provided: LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue $2,220,000 Cost of goods sold 1,560,000 Gross profit 660,000 Expenses : Operating expenses 341,000 Depreciation expense 68,000 Loss on sale of land 4,500 Interest expense 22,000 Income tax expense 54,000 Total expenses 489,500 Net income $ 170,500 2020 $104,000 79,000 180,000 19,000 LASER WORLD Balance Sheet December 31 202 Assets Current assets: Cash $ 129,000 Accounts receivable 96,000 Inventory 200,000 Prepaid rent 19,000 Long-term assets: Land 330,000 Equipment 340,000 Accumulated depreciation (75,000) Total assets $1,039,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 56,000 Interest payable 8,200 Income tax payable 15,700 Long-term liabilities: Notes payable 390,000 Stockholders' equity : Common stock 100,000 Retained earnings 469, 100 270,000 290,000 (40,000) $902,000 $ 60,000 7,200 12,900 290,000 100,000 431,900 180,000 19,000 Inventory 200,000 Prepaid rent 19,000 Long-term assets: Land 330,000 Equipment 340,000 Accumulated depreciation (75,000) Total assets $1,039,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 56,000 Interest payable Income tax payable 15,700 Long-term liabilities: Notes payable 390,000 Stockholders' equity: Common stock 100,000 Retained earnings $1,039,000 Total liabilities and equity 270,000 290,000 (40,000) $902,000 8,200 $ 60,000 7,200 12,900 290,000 469,100 100,000 431,900 $902,000 Assuming that all sales were on account, calculate the following risk ratios intermediate calculations and final answers to 1 decimal place.) days Risk Ratios Receivables turnover ratio Average collection period Inventory turnover ratio Average days in inventory Current ratio 6. Acid-test ratio 7. Debt to equity ratio Times interest earned ratio times 5. days to 1 to 1 8. times

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