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The 2021 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net incom $2,420,000. Balance sheet information is
The 2021 income statement of Adrian Express reports sales of $22,910,000, cost of goods sold of $13,150,000, and net incom $2,420,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets: Assets Current assets: Cash Accounts receivable December 31, 2021 and 2020 2021 2020 $1,060,000 $1,040,000 2,050,000 1,370,000 Long-term liabilities Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Common stock Retained earnings 2,630,000. 1,950,000 5,260,000 4,520,000 $11,000,000 $8,880,000. $ 2,316,000 $1,976,000 2,724,000 2,716,000 2,350,000 2,170,000 3,610,000 2,018,000 Total liabilities and stockholders' equity $11,000,000 $8,880,000 Gross profit ratio. 45% Return on assets. 25% Profit margin 15% Asset turnover 19.5 times Return on equity 35% Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) Answer is not complete. Profitability Ratios Gross profit ratio 3.6 % Return on assets % Profit margin % Asset turnover times
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