2021 $19,900,00 6,800,000 4,100,ese THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 Net sales $12,368,038 Cost of goods sold 8,060, eee Gross profit 4,300,000 Expenses: Operating expenses 1,740,000 Depreciation expense 200, 800 Interest expense 54,000 Income tax expense 568,000 Total expenses 2,562,000 Net income $ 1,738,000 1,690,000 288,888 54,000 490, eee 2,434, eee $ 1,666,000 THE ATHLETIC ATTIC Balance Sheets December 31 2e22 2021 2020 $ 239,000 1,884, eee 1,739,000 144,000 $ 232, eee 774, eee 1,039, eee 89,00 $ 169,000 754,000 1,369,000 114,000 1,660,000 (540,000) $3,526,000 1,660,000 (740,000) $4,046,000 1,660,000 (340,000) $3,454,000 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 $ 148,000 $ 215,600 5,400 54, eee $ 135,600 5,400 44,000 49, een 640,000 640,000 640,000 740, een 2,391, eee $4,046,000 740,000 1,949,000 $3,526,000 740,000 1,889,000 53,454,000 Required: 1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 times Receivables turnover ratio Inventory tumover ratio Current ratio Debt to oquity ratio times to 1 % 2022 times times to 1 % 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 94 96 Gross profit ratio Return on assets Profit margin Asset burnover 94 umos