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The 2021 income statement of Adrian Express reports sales of $23,110,000, cost of goods sold of $13,200,000, and net income of $7,460,000 Balance sheet information
The 2021 income statement of Adrian Express reports sales of $23,110,000, cost of goods sold of $13,200,000, and net income of $7,460,000 Balance sheet information is provided in the following table ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2820 Assets Current assets: Cash Accounts receivable Inventory Long-tern assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 1,800,000 $1,950,809 2,875,000 1,385,00 2,655,000 1,975, 5,210,00 4,530, Bea $11,100,0 $8,948,808 $ 2,338,000 $1,988,000 2,742,000 2,728.000 2,375.000 2,185,800 3,645,000 2,039,800 $11,100,000 $8,948,28 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Aster turnover Return on equity 15% 28.5times Required: 1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.) MK Graw Hill Cutie o 8:40 AM 6/25/2020
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