mework LO12-01; LO12-03 - Graded Saved Exercise 12-6A Evaluate profitability ratios (LO12-4) 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. Assets ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Common stock Long term liabilities Retained earnings Total liabilities and stockholders' equity $ 900,000 $960,000 1,850,000 1,250,000) 2,350,000 1,750,000 5,100,000 4,440,000 $10,200,000 $8,400,000 $2,140,000 $1,880,000 2,580,000 2,620,000 2,150,000 2,050,000 3,330,000 1,850,000 $10,200,000 $8,400,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio 45% < Prev 4 of 5 Next >