12-ok7intRequired Information[The following information applies to the questions displayed below.]Income statement and balance sheet data for The Athletic Attic are provided below.Net salesCost of goods soldGross profitExpenses:THE ATHLETIC ATTICIncome StatementsFor the Years Ended December 31Operating expensesDepreciation expenseInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts receivableInventorySuppliesLong-term assets;EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payable2825$ 10,680,0006,980,0003,700,0001,620,000200,00042,000424,0002,286,000$ 1,414,0002024$9,100,000Stockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity5,600,0003,500,0001,570,000200,00042,000370,0002,182,000$1,318,000THE ATHLETIC ATTICBalance SheetsDecember 312025$ 227,000992,0001,727,000132,0001,180,000(620,000)$ 3,638,000$ 180, 8004,20042,000520,000620,0002,271,000$ 3,638,0002024$ 156,000742,0001,357,000102,0001,180,000(420,000)$ 3,117,000$ 111,000837,000520,000620,0001,829,000$ 3,117,0002023$ 208,000762,0001,027,00077,0001,180,000(220,000)$ 3,034,0002. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal plece.)$ 88,8004,20032,000$20,000620,0001,769,000$ 3,034,0002 PrintNet incomeAssetsCurrent assets:CashAccounts receivableInventorySuppliesLong-term assets:EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityGross profit ratioReturn on assetsProfit marginAsset turnover2024%%%6timesTHE ATHLETIC ATTICBalance SheetsDecember 312025%6%%1,340,000times2025$ 227,000992,0001,727,000132,0001,180,000(620,000)$ 3,638,000$ 180,8004,20042,000520,000620,0002,271,000$ 3,638,0002024$ 156,000742,0001,357,000102,0001,180,000(420,000)$ 3,117,000$ 111,000037,0002. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.)520,000620,0001,829,000$ 3,117,0002023$ 208,000762,0001,027,00077,0001,180,000(220,000)$ 3,034,000$ 88,8004,20032,000520,000620,0001,769,000$ 3,034,000

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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 Gross profit ratio Return on assets Profit margin Asset turnover 2024 96 % % times THE ATHLETIC ATTIC Balance Sheets December 31 2025 %6 % % 2925 times $ 227,000 992,000 1,727,000 132,000 1,180,000 (620,000) $ 3,638,000 $ 180,800 4,200 42,000 520,000 620,000 2,271,000 $3,638,000 2024 $ 156,000 742,000 1,357,000 102,000 1,180,000 (420,000) $ 3,117,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $ 111,000 0 37,000 520,000 620,000 1,829,000 $ 3,117,000 2023 $ 208,000 762,000 1,027,000 77,000 1,180,000 (220,000) $ 3,034,000 $ 88,800 4,200 32,000 520,000 620,000 1,769,000 $ 3,034,000

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 Gross profit ratio Return on assets Profit margin Asset turnover 2024 96 % % times THE ATHLETIC ATTIC Balance Sheets December 31 2025 %6 % % 2925 times $ 227,000 992,000 1,727,000 132,000 1,180,000 (620,000) $ 3,638,000 $ 180,800 4,200 42,000 520,000 620,000 2,271,000 $3,638,000 2024 $ 156,000 742,000 1,357,000 102,000 1,180,000 (420,000) $ 3,117,000 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.) $ 111,000 0 37,000 520,000 620,000 1,829,000 $ 3,117,000 2023 $ 208,000 762,000 1,027,000 77,000 1,180,000 (220,000) $ 3,034,000 $ 88,800 4,200 32,000 520,000 620,000 1,769,000 $ 3,034,000

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.9MBA

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