Exercise 12-OA Evaluate profitability ratios (LU12-4) The 2021 income statement of Adrian Express reports sales of $20,310,000, cost of goods sold of $12,500,000, and net income of $1,900,000. 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 $ 800,000 1,725,000 $ 910,000 1,175,000 2,175,000 1,625,000 5,000,000 4,390,000 $9,700,000 $8,100,000 $2,030,000 $1,820,000 2, 490,000 2,025, 000 3, 155, 000 $9,700,000 Industry 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% 6.5 times 35% 2,560,000 1,975, 000 1, 745, 000 $8,100,000 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 times Return on equity %