Cash The 2021 income statement of Adrian Express reports sales of $20.710.000, cost of goods sold of $12,600.000, and net Income of $1580,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current $340,000 $90,000 Accounts receivable 1.775.000 1,205,000 Inventory 2.245.000 1,675,000 Long-term iets 5,040,000 4,410,000 Total assets 59.900,000 $8,220,000 Liabilities and Stockholders' Equity Current liabilities $2,074,000 $1,844,000 Long-term liabilities 2.526.000 2,584,000 Common stock 2.075.000 2,000,000 Retained earning 3225.000 1.787.000 Total liabilities and stockholde equity $9.900,000 $8.220,000 es Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on asset Profit margin A turnover Return on quality 25% 15% 8.5 times 35% Required: 1. Calculate the five profitability ratlos listed above for Adrian Express, found your answers to 1 decimal place) Profitability Ratios Gross profit ratio Return on assets Profit margin Asset turnover Return on equity % % times % 2. Do you think the company is more profitable or less profitable than the industry average? O More profitable Less profitable The following condensed Information is reported by Sporting Collectibles 2021 2020 Income Statement Information Sales revenue Cost of goods sold Net Income Balance Sheet Information Current assets Long-term assets Total assets Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $10,440,000 $8,400,000 6,827,760 5,900,000 360,000 248,000 $ 1,600,000 $1,500,000 2,200,000 1.900,000 $ 3,800,000 $3,400,000 $ 1.200,000 $900,000 1,500,000 1,500,000 800,000 800,000 300,000 200,000 $ 3.800,000 $3,400,000 Required: 1. Calculate the following profitability ratios for 2021 (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio Return on b assets c. Profit margin d. Asset turnover e. Return on equity % % mes % 2. Determine the amount of dividends paid to shareholders in 2021. The amount of dividends pald The following income Matement and balance sheets for Gaming Systems are provided VIRTUAL CAMINO SYSTEMS For deyended December 2001 Net als Code 1,000,000 Crop 5700 26.500 Lowe 14 47.00 ep Total expo 110 VIRTUAL GAMING SYSTEMS December 2000 Aarts) 100 114.000 Account cele Prepaid Long-term Investment in hende 104.000 209.000 23.30 Equipe Lew Adder Totalt Liabilities and Stockholders 67 500 000 Current liabilities Accounts payable 5 65.000 50.00 Internet payable 5.800 2.00 Income tax payable 14.500 13 Long-term liabilities Notes payable 234.000 Stockholde quality Common Rock 299,000 Retained eaming 227.100 129.00 Total liabilities and todden' 5895,400 5700 equity VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets Cash $185,000 $143.000 Accounts receivable 80,000 59,000 Inventory 104,000 134,000 Prepaid rent 11,900 5,880 Long-term assets Investment in bonds 104,000 0 Land 209,000 239,000 Equipment 269,000 209,000 Less Accumulated depreciation (67 500). (41,000 Total assets $895,400 $748,880 Liabilities and Stockholders Equity Current liabilities: Accounts payable $ 65,000 $80,000 Interest payable 5,800 2,900 Income tax payable 14,500 Long-term liabilities: Notas payable 284,000 Stockholders' equity 224,000 Common stock 299,000 299,000 Retained earnings 227,100 129,080 Total liabilities and stockholders 5895,400 $74,850 equity 13.900 Required Assuming that all sales were on account, calculate the following risk ratios for 2021. (Use 365 days a year. Round your final answers to 1 decimal place.) time Rick Ratios Receivables turnover ratio Average collection period 3 Inventory turnover ratio 4 Average days in inventory day ima day