es The following condensed information is reported by Sporting Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities 2021 2020 $10,024,000 $8,300,000 6,565,720 5,800,000 354,420 238,000 $ 1,590,000 2,190,000 $ 3,780,000 $ 1,190,000 1,510,000 790,000 $1,490,000 1,890,000 $3,380,000 $ 890,000 1,510,000 790,000 Common stock. Retained earnings 290,000 190,000 Total liabilities and stockholders' equity $ 3,780,000 $3,380,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio % b. Return on assets % % C. Profit margin d. Asset turnover e. Return on equity times % es The following condensed information is reported by Sporting Collectibles. Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities 2021 2020 $10,024,000 $8,300,000 6,565,720 5,800,000 354,420 238,000 $ 1,590,000 2,190,000 $ 3,780,000 $ 1,190,000 1,510,000 790,000 $1,490,000 1,890,000 $3,380,000 $ 890,000 1,510,000 790,000 Common stock. Retained earnings 290,000 190,000 Total liabilities and stockholders' equity $ 3,780,000 $3,380,000 Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio % b. Return on assets % % C. Profit margin d. Asset turnover e. Return on equity times %