Problem 12-5B Calculate profitability ratlos (LO12-4) The following Income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Incone Statenent For the year ended Decenber 31, 2021 5,766,908 5,380, e0e 3,38e, e0e Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense $1, 530, e00 196, 808 36,e00 346,000 Total expenses 2,108.eee $1, 272, 800 Net income THE ATHLETIC ATTIC Balance Sheets Decenber 31 2021 2020 Assets Current assets: $ 200, eee 748,e00 1, 805, 880 71,000 $ 150, e00 720, eee 1,335, 000 96, 808 Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation 1,8se, eee (392,000) 1,880, e00 (196,808) Total assets $2,989, 888 $2,980, 000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $ 101,e00 008 , 3,600 29,600 33,000 Long-term liabilities: Notes payable Stockholders' equity: 460, eee 460, eee Connon stock 560, 888 1,835, 000 $2,989, 000 560, 808 1,769,800 $2, 980, 800 Retained earnings Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2021, are $1.22 The closing stock price on December 31, 2021, Is $21.02. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio 1. 2. Return on assets Profit margin 3. 4. Asset turnover times Return on equity 5. 6. Price-earnings ratio times