Income statement and balance sheet data for The Athletic ttic are provided below. E ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 Net sales Cost of goods sold $10,400,000 $8,900,000 6,800,000 5,450,000 Gross profit 3,600,0003,450,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense 1,600,000 200,000 40,000 400,000 1,600,000 210,000 50,000 360,000 Total expenses 2.240,000 2,220,000 Net Income $1,360,000$1230,000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets: Cash Accounts receivable Inventory $ 225,000 164,000 $ 214,000 810,000 1,725,000 1,405,0001,075,000 990,000 790,000 85,000 (600,000) (420,000 (210,000) $3,570,000 $3,199,000$3,124,000 130.00011000 Long-term assets: Equipment Less: Accumulated depreclation 1,100,000 1,150,000 Total assets Liabilities and Stockholders' Equity Current llabilities: Accounts payable Interest payable Income tax payable $ 175,000 115,00091,000 5,000 31,000 4,000 40,000 500,000 600,000 40,000 600,000 700,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity. Common stock Retained earnings 2.251000144000 1,697000 Total liabilities and stockholders' equity $3,570,000 $3199,000 $3124,000 Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal pl ace.) 2018 2019 Receivables turnover ratio Inventory turnover ratio Current ratic Debt to equity ratio times times to 1 times times to 1 2. Calculate the following profitablity ratios for 2018 and 2019: (Round your answers to 1 decimal pla 2018 2019 Gross profit ratio Return on assets Profit margin Asset turnover times times References eBook & Resources Worksheet Learning Oblective: 12-03 Use ratios to