The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement For the year ended December 31, 2021 Net sales $8,980,000 Cost of goods sold 5,450,000 Gross profit 3,450,000 Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000 Net Income $1,230,000 29 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $164,000 790,000 1,405,000 110,000 $ 214,000 810,000 1,075,000 85,000 Assets Current assets! Cash Accounts receivable Inventory Supplies Long-term assets: Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current Liabilitiest Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Connon stock Retained earnings 1,150,000 (420,000) $3,199,000 1,150,000 (210,000) 53, 124,000 $ 115,000 0 40,000 91,000 5,800 31,000 600,000 600,000 700.000 1,744,000 700,000 1,697.000 1,405,000 110,000 ,,1 85,000 1,150,000 (420,000) $3,199,000 1,150,000 (210,000) $3,124,800 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 $ 115,000 $ 91,000 5,000 31,000 40,000 3:15 600,000 600,000 700,000 1,744,000 $3,199,000 700,000 1,697,000 $3,124,000 Earnings per share for the year ended December 31, 2021, are $1.36. The closing stock price on December 31, 2021. is $22.42. Required: Calculate the following profitability ratlos for 2021. (Round your answers to 1 decimal place.) % % Profitability Ratios 1. Gross profit ratio 2 Return on assets 3. Profit margin 4 Asset turnover 1. Return on equity 0 Price camins ratio % times %