1 02:57:09 Book Net sales THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2024 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $8,810,000 5,405,000 3,405,000 $1,555,000 201,000 41,000 2,148,000 $1,257,000 351,000 THE ATHLETIC ATTIC Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation $155,000 745,000 1,360,000 $205,000 765,000 1,030,000 101,000 76,000 1,105,000 (402,000) Total assets $3,064,000 1,105,000 (201,000) $2,980,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $106,000 $82,000 0 Income tax payable. 35,500 4,100 30,100 Long-term liabilities: Notes payable 510,000 510,000 Stockholders' equity: Common stock 610,000 610,000 Retained earnings 1,802,500 1,743,800 Total liabilities and stockholders' equity $3,064,000 $2,980,000 Total liabilities and stockholders' equity $3,064,000 $2,980,000 Earnings per share for the year ended December 31, 2024, are $1.27. The closing stock price on December 31, 2024, is $21.52. Required: Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place.) Profitability Ratios 1. Gross profit ratio % 2. Return on assets 3. Profit margin 4. Asset turnover % % times 5. Return on equity % 6. Price-earnings ratio