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Problem 12-5B Calculate profitability ratios (LO12-4) The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,780,000 Cost of goods sold 5,390,000 Gross profit 3,390,000 Expenses: Operating expenses $1,540,000 Depreciation expense 198,000 Interest expense 38,000 Income tax expense 348,000 Total expenses 2,124,000 Net income $1,266,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $ 152,000 730,000 1,345,000 98,000 202,000 750,000 1,015,000 73,000 1,090,000 (396,000) $3,019,000 1,090,000 (198,000) $2,932,000 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 $ 103,000 0 34,000 79,000 3,800 29,800 480,000 480,000 580,000 1,822,000 $3,019,000 580,000 1,759,400 $2,932,000 Earnings per share for the year ended December 31, 2021, are $1.24. The closing stock price on December 31, 2021, is $21.22. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) X Answer is not complete. 1 38.6 % % 2 3 Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity Price-earnings ratio % 4 3.0 times 5. % 6. times