The 2021 income statement of Adrian Express reports sales of $21,110,000, cost of goods sold of $12,700,000, and net income of $2,060,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 880,000 1,825,000 2,315,000 5,080,000 $10,100,000 $ 950,000 1,235,000 1,725,000 4,430,000 $8,340,000 $ 2,118,000 2,562,000 2,125,000 3,295,000 $10,100,000 $1,868,000 2,608,000 2,035,000 1,829,000 $8,340,000 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% 10.5 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? More profitable Less profitable