Required Information [The following information applies to the questions displayed below.] Income statement and balance sheet data for The Athletic Attic are provided below. 2021 $9,400,000 5,800,000 3,600,000 THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 Net sales $10,960,000 Cost of goods sold 7,160,000 Gross profit 3,800,000 Expenses: Operating expenses 1,640,000 Depreciation expense 200,000 Interest expense 44,000 Income tax expense 448,000 Total expenses 2,332,000 Net income $ 1,468,000 1,590,000 200,000 44,000 390,000 2,224,000 $1,376,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 229,000 994,000 1,729,000 134,000 $ 158,000 744,000 1,359,000 104,000 $ 212,000 764,000 1,029,000 79,000 1,260,000 (640,000) $3,706,000 1,260,000 (440,000) $3,185,000 1,260,000 (240,000) $3,104,000 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Cur: liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity S S S 186,600 4,400 44,000 117,000 0 39,000 96,600 4,400 34,000 540,000 540,000 540,000 640,000 2,291,000 $3,706,000 640,000 1,849,000 $3,185,000 640,000 1,789,000 $3, 104,000 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio 2021 times times to 1 % to 1 % 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