The following income statement and balance sheets for The Athletic Attic are provided.THE ATHLETIC ATTICIncome StatementYear Ended December 31, 2024For theNet salesCost of goods soldGross profitExpenses:Operating expenses.Depreciation expenseInterest expenseIncome tax expense.Total expensesNet incomeAssetsCurrent assets:Cash$1,545,000199,00039,000349,000Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common starkTHE ATHLETIC ATTICBalance SheetsDecember 31Accounts receivableInventorySuppliesLong-term assets:EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:$8,790,0005,395,0003,395,0002,132,000$1,263,0002024$153,000735,0001,350,00099,0001,095,000(398,000)$3,034,000$104,000034,500490,000500 0002023$203,000755,0001,020,00074,0001,095,000(199,000)$2,948,000$80,0003,90029,900490,000500 000 Long-term assets:EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:$104,000034,500490,000Notes payableStockholders' equity:Common stock590,000590,000Retained earnings1,815,5001,754,200Total liabilities and stockholders' equity$3,034,000 $2,948,000Earnings per share for the year ended December 31, 2024, are $1.25. The closing stock price on December 31, 2Required:Calculate the following profitability ratios for 2024. (Use 365 days a year. Round your final answers to 1 decimaProfitability Ratios1. Gross profit ratio2. Return on assets3. Profit margin4. Asset turnover5. Return on equity6. Price-earnings ratio38.6%42.3 %14.4 %2.9 times53.2 %17.11,095,000(398,000)$3,034,0001,095,000(199,000)$2,948,000$80,0003,90029,900490,000

The ratio analysis helps to analyse the financial statements on the basis of the different elements…

The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement Year Ended December 31, 2024. For the Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment $1,545,000 199,000 39,000 349,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: THE ATHLETIC ATTIC Balance Sheets December 31 Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $8,790,000 5,395,000 3,395,000 2,132,000 $1,263,000 2024 $153,000 735,000 1,350,000 99,000 2023 $104,000 0 34,500 490,000 $203,000 755,000 1,020,000 74,000 1,095,000 1,095,000 (398,000) (199,000) $3,034,000 $2,948,000 $80,000 3,900 29,900 490,000

The following income statement and balance sheets for The Athletic Attic are provided. THE ATHLETIC ATTIC Income Statement Year Ended December 31, 2024. For the Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Supplies Long-term assets: Equipment $1,545,000 199,000 39,000 349,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: THE ATHLETIC ATTIC Balance Sheets December 31 Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $8,790,000 5,395,000 3,395,000 2,132,000 $1,263,000 2024 $153,000 735,000 1,350,000 99,000 2023 $104,000 0 34,500 490,000 $203,000 755,000 1,020,000 74,000 1,095,000 1,095,000 (398,000) (199,000) $3,034,000 $2,948,000 $80,000 3,900 29,900 490,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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