Condensed balance sheet and income statement data for Culver Corporation are presented here. CULVER CORPORATION Balance Sheets December 31 2022 2021 2020 Cash $31,000 $21,000 $19,000 Accounts receivable (net) 51,000 46,000 49,000 Other current assets 94,000 99,000 68,000 Investments 59,000 74,000 49,000 Plant and equipment (net) 500,000 370,000 358,000 $735,000 $610,000 $543,000 Current liabilities Long-term debt 149,000 $86,000 $81,000 $71,000 54,000 89,000 Common stock, $10 par 324,000 314,000 304,000 Retained earnings 176,000 126,000 114,000 $735,000 $610,000 $543,000 CULVER CORPORATION Income Statements For the Years Ended December 31 2022 2021 Sales revenue $744,000 $604,000 Less: Sales returns and allowances 41,000 31,000 Net sales 703,000 573,000 Cost of goods sold 429,000 354,000 Gross profit 274,000 219,000 Operating expenses (including income taxes) 181,000 151,000 Net income $93,000 $68,000 Additional information: 1. The market price of Culver's common stock was $7.00, $7.50, and $8.50 for 2020, 2021, and 2022, respectively. 2. You must compute dividends paid. All dividends were paid in cash. (a) Compute the following ratios for 2021 and 2022. (Round profit margin, gross profit rate and price-earnings ratio to 1 decimal places, e.g. 1.8 or 1.8%. Round asset turnover and earnings per share to 2 decimal places, e.g. 1.25. Round payout ratio and debt to assets ratio to O decimal places, e.g. 25%.) 2022 2021 Profit margin 13.22 % 11.86 % Gross profit rate 38.97 % 38.22 % Asset turnover 0.5836 times 0.5803 times Earnings per share 2.87 2.16 Price-earnings ratio 2.96 times 3.47 times Payout ratio .462 % .825 % Debt to assets ratio 0.319 % .278 %