The Following Income Statement and Balance Sheets for Laser World

The following income statement and balance sheets for Laser World are provided:
$$\begin{array} { | c | }\hline\text { Laser World } \\\text { Income Statement }\\\text { For the year-ended December 31, 2012 }\\ \hline { \begin{array} {lr } \text { Sales revenue } & \$ 2,200,000 \\\text { Cost of goods sold } & 1,500,000 \\\text { Gross profit } & 700,000\\\text { Expenses: }\\\text { Operating expenses } & 350,000 \\\text { Depreciation expense } & 70,000 \\\text { Loss on sale of land } & 5,000 \\\text { Interest expense } & 25,000 \\\text { Income tax expense } & 60,000\\\text { Total expenses }&510,000\\\text { Net income }&\$190,000\\\end{array} } \\\hline\end{array}$$

Assuming that all sales were on account,calculate the following risk ratios for 2012:
$\begin{array}{ll}\text { 1. Receivables turnover ratio } & \text { 5. Current ratio } \\\text { 2. Average collection period } & \text { 6. Acid-test ratio } \\\text { 3. Inventory turnover ratio } & \text { 7. Debt to equity ratio } \\\text { 4. Average days in inventory } & \text { 8. Times interest earned ratio }\end{array}$