1a) income statement

1B)

For the years ended December 31 2019 $12.220,000$10,750,000 2018 Net sales Cost of goods sold 7,970,000 6.700,000 Gross profit 4,250,000 4,050,000 1,730,000 1,680,000 200,000 200,000 Interest expense53,000 53,000 556,000 480,000 Deprecietion Income tax expense Total expenses 2,539,000 2,413,000 Net income $1,711,000 $1,637000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets: $ 238,000 s 168,000s 230,000 Cash Accounts receivable 1,003,000 753,000 773,000 1738,000 1,368,000 1,038,000 43,000 113,000 88,000 Long-term assets: Equipment 1,620,000 1620,000 1,620,000 Less: Accumulated depreciation (730,000) (530,000) (330,000) $4,012,000$3,492,000 $3,419,000 Total assets Liabilities and Stokholders Equity Current liabilities s 212,700 $ 145,000$ 131700 Accounts peyable Interest payable Income tax peyable 5,300 o 5,300 53,000 48,000 43,000 630,000 630,000 630,000 730,000 730,000 730,000 Long-term liabilities: Notes payable Stockholders' equity Common stock Retained eamings 2.381,000 1,939,000 1,879,000 Total liabilities and stockholders' $4,012,000$3,492,000 $3,419,000 equity Problem 12-68 Part 1 Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 declmal place.) Receivables turnover ratio Inventory turnover ratio Current ratio times times to 1 times times to 1 1% 1% Det to equity ratio r References eBook& Resources Worksheet Difficulty: 3 Hard Problem 12-6B Part 1 Leaming Objective: 12-03 Use ratios to analyze a company's Check my work value: 0.06 points Problem 12-68 Part 2 2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.) Gross profit ratio Return orn assets Profit times References eBook & Resources Worksheet Difficulty: 3 Hard Problem 12-6B Part 2 Learning Objective: 12-03 Use ratios to analyze a company's risk Great Adventures Problem 12-1 Part 1 Required 1. Calculate the following risk ratios for 2020. (Use 365 days in a year. Round your intermediate calcul Receivables turnover ratio times days times a. Average collection b. Inventory turnover ratio C. Average days in d. e. Current ratio f. Acid-test ratio g. Debt to equity ratio days to 1 to 1 Worksheet Great Adventures Problem 12-1 Part 1 Check my work value: 0.10 points Great Adventures Problem 12-1 Part 2 2. Calculate the following proftability ratios for 2020. (Round your answers to 2 decimal places.) Gross profit ratio (on the a. MU watches) b. Return on assets c. Profit margin Asset turnover e Returm on equity imes