The 2015 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 Sheet December 31, 2015 and 2014 2015 2014 Assets Current assets Cash Accounts receivable Inventory S 1,000,000 $1,010,000 1,975,000 325.000 2,525,000 ,875,000 5,200,000 4,490,000 Long-term assets Total assets $10,700,000 $8,700,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings S 2,250,000 $1,940,000 2,670,000 2,680,000 2,275,000 2,125,000 3,505,000 1,955,000 Total liabilities and stockholders' equity $10,700,000 S8,700,000 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% 2.5 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 2. Do you think the company is more profitable or less profitable than the industry average? O More profitable O Less profitable