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Problem: The 2021 income statement of Adrian Express reports sales of $20,910,000, cost of goods sold of $12,650,000, and net income of $2,020,000. Balance sheet information is provided in the following table.
ADRIAN EXPRESS Balance Sheets (December 31, 2021 and 2020)
2021
Assets
Current assets:
Cash
$860,000
$940,000
Accounts receivable
1,800,000
1,220,000
Inventory
2,280,000
1,700,000
Long-term assets
5,060,000
4,420,000
Total assets
$10,000,000
$8,280,000
Liabilities and Stockholders' Equity
Current liabilities
$2,096,000
$1,856,000
Long-term liabilities
2,544,000
2,596,000
Common stock
2,100,000
2,020,000
Retained earnings
3,260,000
1,808,000
Total liabilities and stockholders' equity
Industry averages for the following profitability ratios are as follows:
Gross profit ratio
45
%
Return on assets
25
Profit margin
15
Asset turnover
9.5
times
Return on equity
35
Required:
1. Calculate the five profitability ratios listed above for Adrian Express. (Round your answers to 1 decimal place.)
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