The Year 2 income statement of Company A reports sales of $21,310,000, cost of goods sold of $12,750,000, and net income of $2,100,000. Balance sheet information is provided in the following table. COMPANY A Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets Cash $ 900,000 $ 960,000 Accounts receivable 1,850,000 1,250,000 Inventory 2,350,000 1,750,000 Long-term assets 5,100,000 4,440,000 Total assets $10,200,000 $8,400,000 Liabilities and Stockholders' Equity Current liabilities $ 2,140,000 $1,880,000 Long-term liabilities 2,580,000 2,620,000 Common stock 2,150,000 2,050,000 Retained earnings 3,330,000 1.850,000 Total liabilities and stockholders' equity $10,200,000 $8,400,000 Industry averages for the following profitability ratios are as follows: Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 454 256 15% 11.5 times 356 Required: 1. Calculate the five profitability ratios listed above for Company A. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio Dante Industry averages for the following profitability ratios are as follows: 458 Gross profit ratio Return on assets Profit margin Asset turnover Return on equity 258 158 11.5 times 358 Required: 1. Calculate the five profitability ratios listed above for Company A. (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? More profitable Less profitable