mework Part 2 Saved Required information [The following information applies to the questions displayed below.) 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 , 495 , $3 , 21, Cost of goods sold 2,477,000 1,947,000 Gross profit 1,18 , 1,074,000 Expenses: Operating expenses 952,000 855 , Depreciation expense 27,000 25,500 Loss on sale of land e 7,700 Interest expense 16,500 13,500 Income tax expense 7.700 46,500 Total expenses 1,003, 200 948,200 Net income $ 14,800 $ 125,800 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 $ 199,500 73,500 123,500 13,700 $183,000 $141,000 78,000 57,000 102.000 132,000 11.700 5,640 102,000 102,000 Income tax expense Total expenses Net income 7,700 46,500 1,003,200 948,200 $ 14,800 $ 125,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 $ 199,5ee 73,500 123,5ee 13,700 $183,eee 78, eee 102, eee 11,700 $141, eee 57, cee 132,000 5,640 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 cockholders equity 102, eee 102, eee 297,000 207, eee 297, mee 267,000 (91,50e) (64,5ee) $1,014,700 $886, 200 e 237, eee 207, eee (39, ege) $749,640 $ 213,600 8.100 11,700 $ 63,000 $105,740 5,400 2.700 13,500 13,700 370,000 282, ce 222,000 297,000 297,000 114,300 $1,014,700 297,000 225,300 $886,200 $740,640 Required: 297,000 267,200 207,880 (91,508) (64,5ee) (39,000) $1,014,700 $886,200 $740, 640 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 $ 213,600 8,1ee 11,700 $ 63,000 5,400 13,500 $105,740 2,700 13,700 370, eee 282, eee 222,000 297, eee 114,3ee $1,014,700 297, eee 225, 300 $886, 200 297,000 99,5ee $740,640 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 times times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to 1 % times to 1 %