14 Income statement and balance sheet data for Ringling Company are provided below. RINGLING COMPANY Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 2025 $ 13,200,000 8,600,000 4,600,000 2024 $ 11,800,000 7,400,000 4,400,000 1,800,000 1,750,000 200,000 60,000 640,000 2,700,000 $ 1,900,000 200,000 60,000 550,000 2,560,000 $ 1,840,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable RINGLING COMPANY Balance Sheets December 31 2025 2024 2023 $ 245,000 1,010,000 1,745,000 150,000 1,900,000 (800,000) $ 4,250,000 $ 175,000 760,000 1,375,000 120,000 1,900,000 (600,000) $ 3,730,000 $ 244,000 780,000 1,045,000 95,000 1,900,000 (400,000) $ 3,664,000 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 233,000 6,000 60,000 $ 166,000 0 $ 159,000 6,000 55,000 50,000 700,000 700,000 700,000 800,000 2,451,000 800,000 2,009,000 800,000 1,949,000 Total liabilities and stockholders' equity $ 4,250,000 $ 3,730,000 $ 3,664,000 Required: 1. Calculate the following risk ratios for 2024 and 2025: 2. Calculate the following profitability ratios for 2024 and 2025: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) Gross profit ratio Return on assets Profit margin Asset turnover 2024 2025 % % % % % % times times < Required 1 Required 2 >