VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales $3,621,800 Cost of goods sold 1,947, 800 Gross profit 1,874, eee Expenses: Operating expenses $855,800 Depreciation expense 25,500 Loss on sale of land 7.700 Interest expense 13, see Income tax expense 45, eee Total expenses 946,700 Net income $ 127,300 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $183, eee 78, eee 192.899 11,700 $141,800 57,600 132,800 5,640 192,899 287. eee 267,699 (64,500) $886,200 237,809 207, eee (39, 898) $740, 640 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 $ 63,800 5,400 13,500 $ 78,000 2,700 13,700 282,800 222, eee 297,899 225, 300 $886,200 297,000 127,240 $740, 640 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.) Risk Ratios 1. Receivables turnover ratio 2. Average collection period days times Inventory turnover ratio days Average days in inventory 5. Current ratio 6. Acid-test ratio 7. Debt to equity ratio 8. Times interest earned ratio times