The 2021 income statement of Adrian Express reports sales of $19,710,000, cost of goods sold of $12,350,000, and net income of $1,780,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets December 31, 2021 and 2020 2021 2020 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 740,000 $ 880,000 1,650,000 1,130,000 2,070,000 1,550,000 4,940,000 4,360,000 $9,400,000 $7,920,000 $1,964,000 $1,784,000 2,436,000 2,524,000 1,950,000 1,930,000 3,050,000 1,682,000 $9,400,000 $7,920,000 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% 3.5 times 35%