The 2021 income statement of Adrian Express reports sales of $20,710,000, cost of goods sold of $12,600,000, and net income of $1,980,000. Balance sheet information is provided in the following table. ADRIAN EXPRESS Balance Sheets December 31, 2021 and 2020 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Long-term assets Total assets Liabilities and Stockholders' Equity Current liabilities Long-term liabilities Common stock Retained earnings Total liabilities and stockholders' equity $ 840,000 1,775,000 2,245,000 5,040,000 $9,900,000 $ 930,000 1,205,000 1,675,000 4,410,000 $8,220,000 $2,074,000 2,526,000 2,075,000 3,225,000 $9,900,000 $1,844,000 2,584,000 2,005,000 1,787,000 $8,220,000 Industry averages for the following profitability ratios are as follows: 45% 2. Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 8.5 times 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 Asset turnover Return on equity % times % 2. Do you think the company is more profitable or less profitable than the industry average? O More profitable O Less profitable