Please do not give solution in image format thanku Required:1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.)Receivables turnover ratioInventory turnover ratioCurrent ratioDebt to equity ratio202115.1 timestimesto 1%202212.2 timestimesto 1% Required information[The following information applies to the questions displayed below.]Income statement and balance sheet data for The Athletic Attic are provided below.For the yearsNet salesCost of goods soldGross profitExpenses:THE ATHLETIC ATTICIncome StatementsOperating expenses.Depreciation expenseInterest expenseIncome tax expenseTotal expensesNet incomeAssetsCurrent assets:CashAccounts payableInterest payableended December 312022$10,540,0006,890,0003,650,000Income tax payableLong-term liabilities:Notes payable1,610,000200,00041,000412,000Accounts receivableInventorySuppliesLong-term assets:EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:2021$8,950,0005,500,0003,450,0001,560,000200,00041,000360,0002,161,0002,263,000$ 1,387,000 $1,289,000THE ATHLETIC ATTICBalance SheetsDecember 31Stockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equity$20222021226,000 $991,0001,726,000131,000155,000741,0001,356,000101,0001,140,000 1,140,000(610,000)(410,000)$3,604,000 $3,083,000036,0002020$ 206,000761,0001,026,00076,000$ 177,900 $ 108,000 $4,10041,000510,000510,0001,140,00084,9004,10031,000510,000610,000610,000610,0002,261,000 1,819,0001,759,000$3,604,000 $3,083,000 $2,999,000(210,000)$2,999,000

Name: Please do not give solution in image format thanku Required:1. Calcula
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Description: Please do not give solution in image format thanku Required:1. Calculate the following risk ratios for 2021 and 2022: (Round your answers to 1 decimal place.)Receivables turnover ratioInventory turnover ratioCurrent ratioDebt to equity ratio202115.1

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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 2022 $10,540,000 6,890,000 3,650,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 1,610,000 200,000 41,000 412,000 2,263,000 $ 1,387,000 2021 $8,950,000 5,500,000 3,450,000 1,560,000 200,000 41,000 360,000 2,161,000 $1,289,000

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 $10,540,000 6,890,000 3,650,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income 1,610,000 200,000 41,000 412,000 2,263,000 $ 1,387,000 2021 $8,950,000 5,500,000 3,450,000 1,560,000 200,000 41,000 360,000 2,161,000 $1,289,000

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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