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THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 $11,380,000 7,430,000 3,950,000 2021 $9,850,000 6,100,000 3,750,000 Net sales Cost of goods sold
THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 $11,380,000 7,430,000 3,950,000 2021 $9,850,000 6,100,000 3,750,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses 1,670,000 200,000 47,000 484,000 2,401,000 $ 1,549,000 1,620,000 200,000 47,000 420,000 2,287,000 $1,463,000 Net income THE ATHLETIC ATTIC Balance Sheets December 31 2020 2022 2021 Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation $ 232,000 997,000 1,732,000 137,000 $ 161,000 747,000 1,362,000 107,000 $ 218,000 767,000 1,032,000 82,000 1,380,000 (670,000) 1,380,000 (470,000) $3,287,000 1,380,000 (270,000) $3,808,000 $3,209,000 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 195,300 4,700 47,000 126,000 24 2$ 108,300 4,700 37,000 42,000 570,000 570,000 570,000 670,000 2,321,000 670,000 1.879. 000 670,000 1,819,000 $3,287,000 Total liabilities and stockholders' equity $3,808,000 $3,209,000 Problem 12-6B Part 1 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 times Receivables turnover ratio times times Inventory turnover ratio times Current ratio to 1 to 1 Debt to equity ratio
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