1a.

The 2021 income statement of Adrian Express reports sales of $21,910,000, cost of goods sold of $12,900,000, and net income of $2,220,000. 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 $ 960,000 1,925,000 2,455,000 5,160,000 $10,500,000 $ 990,000 1,295,000 1,825,000 4,470,000 $8,580,000 $ 2,206,000 2,634,000 2,225,000 3,435,000 $10,500,000 $1,916,000 2,656,000 2,095,000 1,913,000 $8,580,000 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% 14.5 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 Return on equity times