Exercise 12-6A Evaluate profitability ratios (L012-4) $ The 2021 income statement of Adrian Express reports sales of $21,310,000, cost of goods sold of $12,750,000, and net income of $2,100,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2821 2020 Assets Current assets: Cash 900,000 $ 960,000 Accounts receivable 1,850,000 1,250,000 Inventory 2,350,000 1,750,000 Long-term assets 5,100,000 4,440,000 Total assets $10,200,000 $8,400,000 Liabilities and Stockholders' Equity Current liabilities $ 2,140,000 $1,880,000 Long-term liabilities 2,580,000 2,620,000 Common stock 2,150,000 2,050,000 Retained earnings 3,330,000 1,850,000 Total liabilities and stockholders' equity $10,200,000 $8,400,000 ndustry 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% 11.5 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 %