THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021 Net sales $ 11,520,000 $10,000,000 Cost of goods sold 7,520,000 6,200,000 Gross profit 4,000,000 3,800,000 Expenses: Operating expenses 1,680,000 1,630,000 Depreciation expense 200,000 200,000 Interest expense 48,000 48,000 Income tax expense 496,000 430,000 Total expenses 2,424,000 2,308,000 Net income $ 1,576,000 $ 1,492,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 233,000 998,000 1,733,000 138,000 $ 162,000 748,000 1,363,000 108,000 $ 220,000 768,000 1,033,000 83,000 1,420,000 (680,000) $3,842,000 1,420,000 (480,000) $3,321,000 1,420,000 (280,000) $3,244,000 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 $ $ $ 198,200 4,800 48,000 129,000 0 43,000 112,200 4,800 38,000 580,000 580,000 580,000 680,000 2,331,000 $3,842,000 680,000 1,889,000 $3,321,000 680,000 1,829,000 $3,244,000 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2022 2021 times times times times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to 1 to 1 % 2. Calculate the follo 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) profita ios for 2021 and 2022: (Ro pur answers to 1 decimal p 2021 2022 % Gross profit ratio Return on assets Profit margin % % Asset turnover times times