Income statement and balance sheet data for The Athletic Attic are provided below. 2021 $9,400,000 5,800.ee 3,600,000 THE ATHLETIC ATTIC Income Statements For the years ended December 31 2022 Net sales $10,960,000 Cost of goods sold 7.160,000 Gross profit 3,800,eee Expenses: Operating expenses 1,640,000 Depreciation expense 200,000 Interest expense 44,000 Income tax expense 448,000 Total expenses 2.332.000 Net income $ 1,468,000 1,590,000 200,000 44,000 390,000 2.224.000 $1,376,000 THE ATHLETIC ATTIC Balance Sheets December 31 2022 2021 2020 $ 229,00 994,000 1,729,000 134,690 $ 158,000 744,000 1,359.000 184, eee $ 212,600 754,00 1,829,000 79,000 1,250,000 (640,000) 53,705,000 1,260,000 (448, eee) $3,185,000 1,250,00 240,000) $3,104,000 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 $ 166,600 4,400 $ 117,000 $ 96,600 39.000 540,000 540,00 540,000 640,000 2,291,000 $3,706,000 640,00 1,349,000 $3,105,000 640,000 1,789,00 $3,104,000 Problem 12-6B Part 2 2. Calculate the following profitability ratios for 2021 and 2022 (Round your answers to 1 decimal place.) 2021 % % Gross profit ratio Return on assets Profit margin Asset turnover 2022 % % 1% times 96 times