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The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $2,991,000 1,941,000 1,050,000 Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $849,000 22,500 7,100 10,500 39,000 Total expenses 928,100 Net income $ 121,900 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation $177,000 72,000 96,000 11,100 $135,000 51,000 126,000 4,920 96,000 201,000 261,000 (55,500) 0 231,000 201,000 (33,000) Total assets $858,600 $715,920 $ 57,000 4,200 10,500 $ 72,000 2,100 13,100 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 276,000 216,000 291,000 219,900 291,000 121,720 Total liabilities and stockholders' equity $858,600 $715,920 Required: Assuming that all sales were on account, calculate the following risk ratios for 2018. (Use 365 days a year. Round your intermediate calculations and final answers to 1 decimal place.) Risk Ratios times days times | 1. Receivables turnover ratio 2. Average collection period 3. Inventory turnover ratio 4. Average days in inventory 5. Current ratio 6. Acid-test ratio Debt to equity ratio 8. Times interest earned ratio days to 1 to 1 times

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