applies to the questions displayed below.) Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 2021 Net sales $12,080,000 $10,600,000 Cost of goods sold 7,880,000 6,600,000 Gross profit 4,200,000 4,000,000 Expenses: Operating expenses 1,720,000 1,670,000 Depreciation expense 200,000 200,000 Interest expense 52,000 52,000 Income tax expense 544,000 470,000 Total expenses 2,516,000 2,392,000 Net income $ 1,684,000 $ 1,600,000 2021 2020 THE ATHLETIC ATTIC Balance Sheets December 31 2022 Assets Current assets: Cash S 237,000 Accounts receivable 1,002,000 Inventory 1,737,000 Supplies 142,000 Long-term assets: Equipment 1,580,000 Less: Accumulated depreciation (720,000) Total assets $3,978,000 Tiabilities and Stockholders' Remit $ 167,000 752,000 1,367,000 112,000 $ 228,000 772,000 1,037,000 87,000 1,580,000 (520,000) $3,458,000 2,580,000 (320,000) $3,384,000 $ 167.000 752,000 1,367.000 112.000 $ 228.000 772,000 1,037,000 87,000 1.580.000 (520,000) $3,458,000 1,580,000 (320,000) $3,384,000 5237,000 Accounts receivable 1,002,000 Inventory 1,737,000 Supplies 142,000 Long-term assets Equipment 1,580,000 Less: Accumulated depreciation 720,000 Total assets $3,978,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable S 209,800 Interest payable 5,200 Income tax payable 52,000 Long-term liabilities: Notes payable 620,000 Stockholders' equity: Common stock 720,000 Retained earnings 2.271.000 Total liabilities and stockholders' equity $3.978,000 $ 142,000 $ 127,800 5,200 42,000 47.000 620,000 620,000 720,000 1,929,000 $3,458.000 720,000 1,869,000 $3,384,000 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 % 2022 % Gross profit ratio Return on assets Profit margin Asset turnover % % % times times