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The 2 0 2 1 income statement of Adrian Express reports sales of $ 2 2 , 3 1 0 , 0 0 0 ,

The 2021 income statement of Adrian Express reports sales of $22,310,000, cost of goods sold of $13,000,000, and net income of $2,300,000. Balance sheet information is provided in the following table.
ADRIAN EXPRESS
Balance Sheets
December 31,2021 and 2020
20212020
Assets
Current assets:
Cash $ 1,000,000 $ 1,010,000
Accounts receivable 1,975,0001,325,000
Inventory 2,525,0001,875,000
Long-term assets 5,200,0004,490,000
Total assets $ 10,700,000 $ 8,700,000
Liabilities and Stockholders' Equity
Current liabilities $ 2,250,000 $ 1,940,000
Long-term liabilities 2,670,0002,680,000
Common stock 2,275,0002,125,000
Retained earnings 3,505,0001,955,000
Total liabilities and stockholders' equity $ 10,700,000 $ 8,700,000
Industry averages for the following profitability ratios are as follows:
Gross profit ratio 45
%
Return on assets 25%
Profit margin 15%
Asset turnover 16.5 times
Return on equity 35%
Required:
1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.)

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