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 $8,830,000 Cost of goods sold 5,415,000 Gross profit 3,415,000 Expenses : Operating expenses $1,565,000 Depreciation expense 203,000 Interest expense 43,000 Income tax expense 353,000 Total expenses 2,164,000 Net income $1,251,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $ 157,000 755,000 1,370,000 103,000 $ 207,000 775,000 1,040,000 78,000 1,115,000 (406,000) $3,094,000 1,115,000 (203,000) $3,012,000 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 $ 108,000 $ 84,000 4,300 30,300 36,500 530,000 530,000 630,000 1,789,500 $3,094,000 630,000 1,733,400 $3,012,000 Earnings per share for the year ended December 31, 2021, are $1.29. The closing stock price on December 31, 2021, is $21.72. Required: Calculate the following profitability ratios 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 5 Return on equity 6. Price-earnings ratio 38.71% % 14.21% 2.9 times % 16.8 times