The following condensed information is reported by Sporting Collectibles Income Statement Information Sales revenue Cost of goods sold Net income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2021 2020 8,987,152 406,080 $9,200,000 6,700,000 328,000 $13,912,000 $ 1,680,000 2,280,000 $ 3,960,000 $ 1,280,000 1,420,000 880,000 380,000 $ 3,960,000 $1,580,000 1,980,000 $3,560,000 $ 980,000 1,420,000 880,000 280,000 $3,560,000 Required: 1. Calculate the following profitability ratios for 2021 (Round your answers to 1 decimal place.) Answer is complete but not entirely correct. Profitability Ratios a Gross profit ratio 35.4 % b. Return on assets 10.8 % C Profit margin 2.9 % d. Asset turnover e. Return on equity 3.7 times 32.2%