Reference no: EM132557920
The 2021 income statement of Adrian Express reports sales of $19,510,000, cost of goods sold of $12,300,000, and net income of $1,740,000. Balance sheet information is provided in the following table.
ADRIAN EXPRESS
Balance Sheets
December 31, 2020 and 2021
Assets 2021 2020
Current assets:
Cash $720,000 $870,000
Accounts receivable 1,625,000 1,115,000
Inventory 2,035,000 1,525,000
Long-term assets 4,920,000 4,350,000
Total assets $9,300,000 $7,860,000
Liabilities and Stockholders' Equity
Current liabilities $1,942,000 $1,772,000
Long-term liabilities 2,418,000 2,512,000
Common stock 1,925,000 1,915,000
Retained earnings 3,015,000 1,661,000
Total liabilities and stockholders' equity $9,300,000 $7,860,000
Industry averages for the following profitability ratios are as follows:
Gross profit ratio 45%
Return on assets 25%
Profit margin 15%
Asset turnover 2.5times
Return on equity 35%
Required:
Question 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 turnovertimes
Return on equity%
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