Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC...

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Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 2024 $ 10,000,000 2025 $ 11,520,000 7,520,000 4,000,000 6,200,000 3,800,000 1,680,000 1,630,000 200,000 48,000 496,000 2,424,000 $ 1,576,000 200,000 48,000 430,000 2,308,000 $ 1,492,000 THE ATHLETIC ATTIC Balance Sheets December 31 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 2025 2024 2023 $ 233,000 998,000 1,733,000 138,000 1,420,000 (680,000) $ 3,842,000 $ 162,000 748,000 1,363,000 108,000 1,420,000 (480,000) $ 3,321,000 $220,000 768,000 1,033,000 83,000 1,420,000 (280,000) $ 3,244,000 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 198,200 4,800 $ 129,000 $ 112,200 4,800 48,000 43,000 38,000 580,000 580,000 580,000 680,000 2,331,000 680,000 1,889,000 680,000 1,829,000 $ 3,842,000 $ 3,321,000 $ 3,244,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) wwwww Income statement and balance sheet data for The Athletic Attic are provided below. THE ATHLETIC ATTIC Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 2024 $ 10,000,000 2025 $ 11,520,000 7,520,000 4,000,000 6,200,000 3,800,000 1,680,000 1,630,000 200,000 48,000 496,000 2,424,000 $ 1,576,000 200,000 48,000 430,000 2,308,000 $ 1,492,000 THE ATHLETIC ATTIC Balance Sheets December 31 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 2025 2024 2023 $ 233,000 998,000 1,733,000 138,000 1,420,000 (680,000) $ 3,842,000 $ 162,000 748,000 1,363,000 108,000 1,420,000 (480,000) $ 3,321,000 $220,000 768,000 1,033,000 83,000 1,420,000 (280,000) $ 3,244,000 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 198,200 4,800 $ 129,000 $ 112,200 4,800 48,000 43,000 38,000 580,000 580,000 580,000 680,000 2,331,000 680,000 1,889,000 680,000 1,829,000 $ 3,842,000 $ 3,321,000 $ 3,244,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) wwwww