apter 12 Problems 13 art 2 of 2 ints 00:25:37 Skipped eBook Required information (The following information applies to the questions displayed below] Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC 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 References Net income Mc Graw Hill Assets Current assets: Cash Accounts receivable Inventory Supplies 2022 $10,540,000 2021 $8,950,000 6,890,000 5,500,000 3,650,000 3,450,000 1,610,000 1,560,000 200,000 200,000 41,000 41,000 412,000 360,000 2,263,000 2,161,000 $ 1,387,000 $1,289,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $ 226,000 $ 155,000 $ 206,000 991,000 1,726,000 131,000 741,000 1,356,000 101,000 761,000 1,026,000 76,000 1,140,000 1,140,000 1,140,000 (610,000) $3,604,000 (410,000) (210,000) $3,083,000 $2,999,000 $ 177,900 4,100 41,000 $ 108,000 $ 84,900 Saved 0 36,000 4,100 31,000 < Prev 13 of 18 Next 13 Required information 2022 2021 2020 rt 2 of 2 nts 00:25:35 Skipped eBook D References 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 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 226,000 $ 155,000 $206,000 991,000 1,726,000 741,000 1,356,000 761,000 1,026,000 131,000 101,000 76,000 1,140,000 1,140,000 1,140,000 (610,000) (410,000) (210,000) $3,604,000 $3,083,000 $2,999,000 $ 177,900 $ 108,000 $ 84,900 4,100 41,000 36,000 4,100 31,000 510,000 510,000 510,000 610,000 610,099 610,000 2,261,000 1,819,000 1,759,000 $3,604,000 $3,083,000 $2,999,000 Mc Graw Hill 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) Gross profit ratio 2021 96 2022 % Return on assets %6 % Profit margin % % Asset turnover times times C 8 < Prev 13 M 31 of 18 NO Next