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Problem $12-4$B $($Algo$)$ Calculate risk ratios $($LO$12-3)$

The following income statement and balance sheets for The Athletic Attic are provided.

THE ATHLETIC ATTIC

Income Statement

For the Year Ended December $31,2024$

Net sales $$8,790,000$

Cost of goods sold $5,395,000$

Gross profit $3,395,000$

Expenses:

Operating expenses $$1,545,000$

Depreciation expense $199,000$

Interest expense $39,000$

Income tax expense $349,000$

Total expenses $2,132,000$

Net income $$1,263,000$

THE ATHLETIC ATTIC

Balance Sheets

December $31$

$20242023$

Assets

Current assets:

Cash $$153,000$ $$203,000$

Accounts receivable $735,000755,000$

Inventory $1,350,0001,020,000$

Supplies $99,00074,000$

Long$-$term assets:

Equipment $1,095,0001,095,000$

Less: Accumulated depreciation $(398,000)(199,000)$

Total assets $$3,034,000$ $$2,948,000$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$104,000$ $$80,000$

Interest payable $03,900$

Income tax payable $34,50029,900$

Long$-$term liabilities:

Notes payable $490,000490,000$

Stockholders' equity:

Common stock $590,000590,000$

Retained earnings $1,815,5001,754,200$

Total liabilities and stockholders$$ equity $$3,034,000$ $$2,948,000$

Required:

Assuming that all sales were on account, calculate the following risk ratios for $2024.($Use $365$ days a year. Round your final answers to $1$ decimal place.$)$

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