ces The 2024 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net income of $2,420,000. Balance sheet information is provided in the following table. Assets ADRIAN EXPRESS Balance Sheets December 31, 2024 and 2023 2024 2023 Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt Common stock Retained earnings Total liabilities and stockholders' equity Industry averages for the following ratios are as follows: Gross profit ratio $ 1,060,000 2,050,000 2,630,000 5,260,000 $ 11,000,000 $ 2,316,000 2,724,000 2,350,000 3,610,000 $ 11,000,000 $ 1,040,000 1,370,000 1,950,000 4,520,000 $ 8,880,000 $ 1,976,000 2,716,000 2,170,000 2,018,000 $ 8,880,000 45% Return on assets 25% Profit margin 15% Asset turnover 2.5 times Return on equity 35% Required: 1. Calculate the five ratios listed above for Adrian Express. 2. Do you think the company is more profitable or less profitable than the industry average? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the five ratios listed above for Adrian Express. Note: Round your answers to 1 decimal place. Ratios Gross profit ratio 42.6 % Return on assets 24.4 % Profit margin Asset turnover Return on equity 10.6 % 2.3 times %