THE ATHLETIC ATTIC Income Statements For the years ended December 31 2019 2018 $10,960,000 $9,400,000 Net sales Cost of goods sold 7160,000 5,800,000 Gross profit 3,800,000 3,600,000 Expenses: Operating expenses Depreciation expense Interest expense Income tax expense 1,640,000 200,000 44,000 448,000 1,590,000 200,000 44,000 390,000 Total expenses 2,332,000 2,224,000 Net income $1,468,000 1,376,000 THE ATHLETIC ATTIC Balance Sheets December 31 2019 2018 2017 Assets Current assets Cash Accounts receivable Inventory Supplies $ 229,000 994,000 1,729,000 134,000 744,000 1,359,000 104,000 158,000 $212,000 764,000 1,029,000 79,000 Long-term assets Equipment Less: Accumulated depreciation 1,260,000 (640,000) 1,260,000 (440,000) 1,260,000 (240,000) Total assets $3,706,000 3,185,000 $3104,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 186,600$ 117,000$96,600 Current liabilities: Accounts payable Interest payable Income tax payable $ 186,600 117,000 96,600 4,400 34,000 4,400 0 44,000 540,000 640,000 39,000 540,000 640,000 Long-term liabilities Notes payable 540,000 Stockholders' equity: Common stock Retained earnings 640,000 1,789,000 2,291,000 1,849,000 Total liabilities and stockholders' equity $3,706,000 $3,185,000 $3,104,000 value 8.00 points Required: 1. Calculate the following risk ratios for 2018 and 2019: (Round your answers to 1 decimal place.) 2018 12.6 times 4.6 times 2019 12.5 times 4.9 times Receivables turnover ratio Inventory turnover ratio Current ratio Debt to equity ratio to 1 to 1 value 8.00 points 2. Calculate the following profitability ratios for 2018 and 2019: (Round your answers to 1 decimal place.) 2018 2019 Gross profit ratio Return on assets Profit margin Asset turnover times times