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 $12,220,000 $10,750,000 Cost of goods sold 7,970,000 6,700,000 Gross profit 4,250,000 4,050,000 Expenses: Operating expenses 1,730,000 1,680,000 Depreciation expense 200,000 200,000 Interest expense 53,000 53,000 Income tax expense 556,000 480,000 Total expenses 2,539,000 2,413,000 Net income $ 1,711,000 $ 1,637,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 238,000 1,003,000 1,738,000 143,000 $ 168,000 753,000 1,368,000 113,000 $ 230,000 773,000 1,038,000 88,000 1,620,000 (730,000). $4,012,000 1,620,000 (530,000) $3,492,000 1,620,000 (330,000) $3,419,000 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 $ 145,000 $ 212,700 5,300 53,000 0 $ 131,700 5,300 43,000 48,000 630,000 630,000 630,000 730,000 2,381,000 $4,012,000 730,000 1,939,000 $3,492,000 730,000 1,879,000 $3,419,000 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