e to search The 2021 income statement of Adrian Express reports sales of $21,710,000, cost of goods sold of $12,850,000, and net income of $2,180,000. Balance sheet information is provided in the following table. Assets Current assets: Cash Accounts receivable ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity 2020 $ 940,000 $ 980,000 1,900,000 1,280,000 2,420,000 1,800,000 5,140,000 4,460,000 $10,400,000 $8,520,000 $ 2,184,000 $1,904,000 2,616,000 2,644,000 2,200,000 2,080.000 3,400,000 1,892,000 $10,400,000 $8,520,000 Industry averages for the following profitability ratios are as follows: 0 10 points Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 45% 25% 15% 13.5 times 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your a Answer is complete but not entirely correct. Profitability Ratios Gross profit ratio 34.6 % Return on assets 23.0 % Profit margin 10.0 % Asset turnover 23 times Return on equity 45.5 %