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 $8,890,000 Cost of goods sold 5,445, Gross profit 3,445,000 Expenses : Operating expenses $1,595,000 Depreciation expense 209,000 Interest expense 49,000 Income tax expense 359,000 Total expenses 2, 212,000 Net income $1,233,000 THE ATHLETIC ATTIC Balance Sheets December 31 2021 2828 $ 163,000 785,000 1,400,000 109,000 $ 213,000 805,000 1,870,000 84,000 1,145,000 (418,000) $3,184,000 1,145,000 (209,000 $3,198,000 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 $ 114,000 $ 9 90,000 4,900 30,900 39,500 590,000 590,000 690,000 1,750,500 $3,184,000 690,000 1.702, 200 $3,108,000 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 38.7 % 52 21% 13.9% 2.8 times % times h