The 2021 income statement of Adrian Express reports sales of $21,910,000, cost of goods sold of $12,900,000, and net income of $2,220,000. Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash 990,000 1,295,000 1,825,000 960,000 S Accounts receivable Inventory 1,925,000 2,455,000 5,160,000 4,470,000 Long-term assets $10,500,000 $8,580,000 Total assets Liabilities and Stockholders Equity $1,916,000 Current 1iabilities $2,206,000 2,634,000 2,225,000 Long-term liabilities Common stock 2,656,000 2,095,000 1,913,000 3,435,000 Retained earnings $8,580,000 $10,500,000 Total liabilities and stockholders' equity Industry averages for the following profitability ratios are as follows: 45t 25 Gross profit ratio Return on assets 15% 14.5times 35 Profit margin Asset turnover Return on equity Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio % Dnkm ee aeente 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 % times Asset turnover % Return on equity 2. Do you think the company is more profitable or less profitable than the industry average? More profitable Less profitable