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The 2021 income statement of Adrian Express reports sales of $21,310,000, cost of goods sold of $12,750,000, and net income of $2,100,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 900,000 1,850,000 2,350,000 5,100,000 $10,200,000 $ 960,000 1,250,000 1,750,000 4,440,000 $ 8,400,000 $ 2,140,000 2,580,000 2,150,000 3,330,000 $10,200,000 $1,880,000 2,620,000 2,050,000 1,850,000 $8,400,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45% 25% 15% 11.5 times 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio % Return on assets % Profit margin % Asset turnover times Return on equity % 2. Do you think the company is more profitable or less profitable than the industry average? More profitable O Less profitable

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