7. The 2024 income statement of Adrian Express reports sales of $20,910,000, cost of goods sold of $12,650,000, and net income of $2,023,000. Balance sheet information is provided in the following table.

ADRIAN EXPRESS
Balance Sheets
December 31, 2024 and 2023
	2024	2023
Assets
Current assets:
Cash	$860,000	$940,000
Accounts receivable	1,800,000	1,220,000
Inventory	2,280,000	1,700,000
Long-term assets	5,060,000	4,420,000
Total assets	$10,000,000	$8,280,000
Liabilities and Stockholders' Equity
Current liabilities	$2,096,000	$1,856,000
Long-term liabilities	2,544,000	2,596,000
Common stock	2,100,000	2,023,000
Retained earnings	3,260,000	1,808,000
Total liabilities and stockholders' equity	$10,000,000	$8,283,000

Industry averages for the following four risk ratios are as follows:

Gross profit ratio	45%
Return on assets	25%
Profit margin	15%
Asset turnover	9.5	times
Return on equity	35%

Required: 1. Calculate the five profitability ratios listed above for Adrian Express.