TBE ATHLETIC NOTIC Income Statements For the years ended December 31 2022 2021 Net salon $13,200,000 $11,800,000 Cost of goods sold 8,600,000 7,400,000 Gross profit 4,600,000 4,400,000 Expenses : Operating expenses 1,800,000 1,750,000 Depreciation expense 200,000 200,000 Interest expense 60,000 60,000 Income tax expense 640,000 550,000 Total expenses 2,700,000 2,560,000 Net Income $ 1,900,000 $ 1,840,000 2021 2020 S 175,000 760,000 1,375,000 120,000 $ 244,000 780,000 1,045,000 95,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 Assets Current assets: Cash $ 245,000 Accounts receivable 1,010,000 Inventory 1,745,000 Supplion 150,000 Long-term assets Equipment 1,900,000 Loont Accumulated depreciation (800.000) Total asseto $4,250,000 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 233,000 Interest payable 6,000 Income tax payable 60,000 tong-term liabilities Notes payable 700,000 Stockholders' equity. Common stock 800,000 Retained earnings 2,451 000 Total liabilities and stockholders' equity $4,250,000 1,900.000 (600,000) $3,730,000 1,900,000 (400.000). $3,664,000 $ 166,000 $ 159,000 6,000 50,000 55,000 700,000 700,000 800,000 2.009.000 $3,730,000 800,000 1,949,000 $3,664,000 nces Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 times timos times Receivables tumover ratio Inventory turnover ratio Current ratio Debt to equity ratio times to 1 to 1 % % kererences 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 2021 % % % Gross profit ratio Return on assets Profit margin Asset turnover % times % % times