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Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022
Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021 Net sales $11,100,000 $9,550,000 Cost of goods sold 7,250,000 5,900,000 Gross profit 3,850,000 3,650,000 Expenses : Operating expenses 1,650,000 1,600,000 Depreciation expense 200,000 200,000 Interest expense 45,000 45,000 Income tax expense 460,000 400,000 Total expenses 2,355,000 2,245,000 Net income $ 1,495,000 $1,405,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 230,000 995,000 1,730,000 135,000 $ 159,000 745,000 1,360,000 105,000 $ 214,000 765,000 1,030,000 80,000 1,300,000 1,300,000 (650,000) (450,000) $3,740,000 $3,219,000 1,300,000 (250,000) $3,139,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total asseto Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 189,500 4,500 45,000 $ 120,000 0 40,000 $ 100,500 4,500 35,000 550,000 550,000 550,000 650,000 2,301,000 e 7 Ann 650,000 1,859,000 6-10 AAN 650,000 1,799,000 0 19 Ann THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 230,000 995,000 1,730,000 135,000 $ 159,000 $ 214,000 745,000 765,000 1,360,000 1,030,000 105,000 80,000 1,300,000 (650,000) $3,740,000 1,300,000 (450,000) $3,219,000 1,300,000 (250,000) $3,139,000 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 $ $ $ 189,500 4,500 45,000 120,000 0 40,000 100,500 4,500 35,000 550,000 550,000 550,000 650,000 2,301,000 $3,740,000 650,000 1,859,000 $3,219,000 650,000 1,799,000 $3,139,000 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
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