The 2018 income statement of Adrian Express reports sales of $21,710,000, cost of goods sold of $12,850,000, and net income of $2,180,000 Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheet December 31, 2018 and 2017 2018 2017 Assets Current assets Cash Accounts receivable Inventory Long-term assets $ 9:40.000 1.900.000 2.420,000 5,140,000 $ 980,000 1.280.000 1.800.000 4.460.000 Total assets $10.400.000 58,520,000 Liabilities and Stockholders' Equity Current laties Long-term liabilities Common stock Retained eamings $ 2.184.000 2.616.000 2.200.000 3,400,000 $1.904,000 2.544.000 2.080000 1.892.000 con annan SR2 000 Total asses DTU,400,00 0,320,000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings $ 2,184,000 2,616,000 2,200,000 3,400,000 $1,904,000 2,644,000 2,080,000 1,892,000 Total liabilities and stockholders' equity $10,400,000 $8,520,000 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 8.860,000.0% Return on assets % Profit margin Asset turnover times Return on equity % Dungy Training Company has a current ratio of 0.80 to 1, based on current assets of $6.64 million and current liabilities of $8.30 million 1. How, if at all, will a $880,000 cash purchase of inventory affect the current ratio? The current ratio will 2. How, if at all, will a $880,000 purchase of inventory on account affect the current ratio? The current ratio will