ine following income statement and balance sheets for ine Atnietic Attic are provided. THE ATHLETIC ATTIC Income Statement For the Year Ended December 31, 2024 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $8,860,000 5,430,000 3,430,000 $1,580,000 206,000 46,000 356,000 2,188,000 $1,242,000 THE ATHLETIC ATTIC Balance Sheets December 31 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 Common stock Stockholders' equity: Retained earnings Total liabilities and stockholders' equity 2024 2023 $160,000 $210,000 770,000 790,000 1,385,000 106,000 1,055,000 81,000 1,130,000 1,130,000 (412,000) (206,000) $3,139,000 $3,060,000 $111,000 $87,000 0 4,600 38,000 30,600 560,000 560,000 660,000 660,000 1,770,000 1,717,800 $3,139,000 $3,060,000 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 1,385,000 1,055,000 106,000 81,000 1,130,000 1,130,000 (412,000) $3,139,000 (206,000) $3,060,000 $111,000 $87,000 0 4,600 38,000 30,600 560,000 560,000 660,000 660,000 1,770,000 1,717,800 $3,139,000 $3,060,000 Earnings per share for the year ended December 31, 2024, are $1.32. The closing stock price on December 31, 2024, is S Required: Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimal place. Profitability Ratios 1. Gross profit ratio % 2. Return on assets % 3. Profit margin 4. Asset turnover % times 5. Return on equity % 6. Price-earnings ratio