Income statement and balance sheet data for The Athletic Attic are provided below.

Required information (The following information applies to the questions displayed below.) Income statement and balance sheet data for The Athletic Attic are provided below. 2021 $8,950,000 5,500,000 3,450,000 THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 Net sales $10,540,000 Cost of goods sold 6,890,000 Gross profit 3,650,000 Expenses: Operating expenses 1,610,000 Depreciation expense 200,000 Interest expense 41,000 Income tax expense 412,000 Total expenses 2,263,000 Net income $ 1,387,000 1,560,000 200,000 41,000 360,000 2,161,000 $1,289,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation $ 226,000 991,000 1,726,000 131,000 $ 155,000 741,000 1,356,000 101,000 $ 206,000 761,000 1,026,000 76,000 1,140,000 (610,000) $3,604,000 1,140,000 (410,000). $3,083,000 1,140,000 (210,000) $2,999,000 Total assets $ $ $ 177,900 4,100 41,000 108,000 0 36,000 84,900 4,100 31,000 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 510,000 510,000 510,000 610,000 2,261,000 $3,604,000 610,000 1,819,000 $3,083,000 610,000 1,759,000 $ 2,999,000 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 % % Gross profit ratio Return on assets % % Profit margin % % Asset turnover times times