The 2021 income statement of Adrian Express reports sales of $20,110,000, cost of goods sold of $12,450,000, and net income of $1,860,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: 780,000 1,700,000 2,140,000 4,980,000 $ $ Cash 900,000 1,160,000 1,600,000 Accounts receivable Inventory Long-term assets 4,380,000 $9,600,000 $8,040,000 Total assets Liabilities and Stockholders' Equity $2,008,000 2,472,000 2,000,000 $1,808,000 2,548,000 1,960,000 1,724,000 Current liabilities Long-term liabilities Common stock Retained earnings 3,120,000 Total liabilities and stockholders' equity $9,600,000 $8,040,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio 45% 25% Return on assets Profit margin 15% 5.5times Asset turnover Return on equity 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 times Asset turnover Return on equity 2. Do you think the company is more profitable or less profitable than the industry average? More profitable O Less profitable