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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
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 $8,990, eee Cost of goods sold 5,450,000 Gross profit 3,450,000 Expenses: Operating expenses $1,600,000 Depreciation expense 210, eee Interest expense 50,eee Income tax expense 360,000 Total expenses 2,220,000 Net income $1,230,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2020 $ 164,00 790,000 1,405, eee 110,000 $ 214,000 810, eee 1,075, eee 85,000 1,150,000 (420,000) $3,199,000 1,150,000 (210,000) $3,124, eee 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 $ 115,00 $ 91,000 5,eee 31,eee 40,000 600,000 600,000 700,000 1,744,00 $3,199, 700,00 1.697, see $3,124, 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 5. Return on equity 6. Price-earnings ratio times times
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