please answer whats in the box clearly.

Ch VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2021 Net sales $3,560,000 $3,086,000 Cost of goods sold2.490,000 1,960,000 1,070,000 1,126,000 Gross profit Expenses: 965,000 40,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 868,000 32,000 9,000 20,000 58,000 1,037,000987,000 $ 33,000 139,000 23,000 9,000 Total expenses Net income VIRTUAL GAMING SYSTEMS Balance Shects December 31 2022 2021 2020 Assets Curront assets: Cash Accounts receivable Inventory Prepaid rent S216,000 196,000 $154,000 90,00091,000 70,000 140,000 115,000 145,000 7,200 15,000 13,000 Long-term assets: Investment in bonda Land Equipment Less: Accumulated depreciation 115,000115,000 310,000 220,000250,000 310,000280,000 220,000 124,0001 (84 000) (52,000) $1,072,000 $946,000 $794,200 Total assets Liabilities and stockholders' Equity $1,072,000 $946,000 $794,200 Total assets Liabilities and Stockholders' Equity Current liabilities: s 161,000 76,000 91,000 4,000 Accounts payable Interest payable Income tax payable 12,000 8,000 13,000 20,00015,000 50,000295,000 235,000 310,000 310,000310,000 12 Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings 126,000237,000 139,200 $1,072,000 $946,000 $794,200 Total liabilitien and stockholders. equity Problem 12-6A Part 1 ces Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 2021 times times to 1 times times to 1 Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 1% VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 20222021 Net sales Cost of goods sold 3,560,000 $3,086,000 2,490,000 1,960,000 1,070,000 1,126,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 965,000 40,000 868,000 32,000 9,000 20,000 58,000 1,037,000987000 33,000139,000 23,000 9,000 Total expenses Net income VIRTUAL GAMING SYSTEMS Balance Sheots December 31 2022 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent S 216,000 $196,000 $154,000 90,00091,000 70,000 140,000115,000 145,000 15,00013,0007,200 Long-torm assets: Investment in bonds Land Equipment Less: Accumulated depreciation 115,000115,000 310,000 220,000 250,000 310,000 280,000 220,000 (124,0001 (84,000) (52.000) $1,072,000 $946,000$794,200 Total assets Liabilities and Stockholders Equity Carrent 1iabilitien 310,000 280,000 220,000 124,000) (84,000) (52,000) $1,072,000 $946,000 $794,200 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilities: $ 161,000 76,000 91,000 4,000 13,000 20,000 15,000 Accounts payable Interest payable Income tax payable 8,000 12,000 Long-term liabilities: 450,000 295,000235,000 Notes payable Stockholders' equity: 310,000 310,000310,000 126,000 237,000 139,200 $1,072,000 946,000 $794,200 Common stock Retained earnings Total liabilities and stockholders' equity Problem 12-6A Part 2 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 2021 Gross profit ratio Return on assets Profit margin Asset turnover times times