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 $11,380,000 $9,850,000 Cost of goods sold 7,430,000 6,100,000 Gross profit 3,950,000 3,750,000 Expenses: Operating expenses 1,670,000 1,620,000 Depreciation expense 200,000 200,000 Interest expense 47,000 47,000 Income tax expense 484,000 420,000 Total expenses 2,401,000 2,287,000 Net income $ 1,549,000 $1,463,000 1 2022 2021 2021 2020 2020 $ 161,000 747,000 1,362,000 107,000 $ 218,000 7 67,000 1,032,000 82,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 Assets Current assets: Cash $ 232,000 Accounts receivable 997,000 Inventory 1,732,000 Supplies 137,000 Long-term assets: Equipment 1,380,000 Less: Accumulated depreciation (670,000) Total assets $3,808,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 195,300 Interest payable 4,700 Income tax payable 47,000 Long-term liabilities: Notes payable 570,000 Stockholders' equity: Common stock 670,000 Retained earnings 2,321,000 Total liabilities and stockholders' equity $3,808,000 1,380,000 (470,000) $3,287,000 1,380,000 (270,000) $3,209,000 $ 126,000 $ 108,300 4,700 37,000 42,000 570,000 570,000 670,000 1,879,000 $3,287,000 670,000 1,819,000 $3,209,000 Problem 12-6B Part 2 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