Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 Net Sales $3,515,000 $3,041,000 Cost of goods sold 2,481, eee 1,951,000 Gross profit 1,034,000 1,090,000 Expenses: Operating expenses 956,000 859,000 Depreciation expense 31,000 27,500 Loss on sale of land 8,100 Interest expense 18,500 15,500 Income tax expense 8,100 48,500 Total expenses 1.013600 958, 600 Net income $ 20,400 $ 131,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 209 2021 2020 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investment in bonds Land Eument $ 202,500 76,500 126,500 14,10 $187,000 $145,000 12.000 61,000 106,000 136,000 12,100 6,120 106,000 301.000 301.000 106,000 211,000 271.000 0 243,000 211.000 Net income $ 20,400 $ 131,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 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 $ 202,500 $187,000 $145,000 76,500 82,000 61,000 126,500 106,000 136,000 14,100 12100 6,120 106,000 106,000 0 301,000 211,000 241,000 301,000 271,000 211,000 (101,500) (20,500) (43,000) $1,026,100 $904,600 $757,120 $ 175,800 9,300 12,100 $ 67,000 6,200 15,500 $115,420 3,100 14,100 410,000 286,000 226,000 301, e8e 117,900 $1,026, 100 301,000 228, 900 $984,680 301,000 97,500 $757, 120 $1,826,100 $984,600 $757,120 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 $ 175,800 9,300 12, 100 $ 67,000 $115,420 6,200 3,100 15,500 14,100 410,000 286,000 226,000 301,000 117,900 $1,026,100 301, 000 228,909 $904600 301,200 97,500 $757,120 52 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2021 11.1 times 4.0 times 2.0 to 1 22.1 % 2022 10.6 times 4.0 times 21 to 1 49.6%