a) Calculate the current ratio for fiscal years 2019 and 2020.

b) Compute Quick (acid-test) ratio for fiscal years 2019 and 2020.

c) Calculate the inventory turnover ratio for fiscal years 2019 and 2020.

d) calculate the Return on assets for fiscal years 2019 and 2020.

e) Calculate the Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from the fiscal years 2019 and 2020.

Cullumber Corporation was formed five years ago through an initial public offering (IPO) of common shares. Daniel Brown, who owns 15% of the common shares, was one of the organizers of Cullumber and is its current president. The company has been successful, but it is currently experiencing a shortage of funds. On June 10, 2020, Daniel Brown approached the Hibernia Bank, asking for a 24- month extension on two $35,200 notes, which are due on June 30, 2020, and September 30, 2020. Another note for $6,700 is due on March 31, 2021, but he expects no difficulty in paying this note on its due date. Brown explained that Cullumber's cash flow problems are due primarily to the company's desire to finance a $299,500 plant expansion spent evenly over the next two fiscal years through internally generated funds. The plant expansion will be used in operations following the completion of the construction in 2023. The commercial loan officer of Hibernia Bank requested financial reports for the past two fiscal years. These reports are reproduced below. CULLUMBER CORPORATION Statement of Financial Position March 31 Assets 2020 2019 Cash $18,770 $12,800 147.730 137,600 Notes receivable Accounts receivable (net) () 132.210 121,200 Inventories (at cost) 107.000 50,600 Plant and equipment (net of depreciation) 1,450.700 1,456,000 $1,778,200 $ Total assets $1,856,490 $ Equity and Liabilities Share capital-common (127,000 shares issued) $1,270,000 $1.270,000 Retained earnings (note 1) 388.710 275,000 Accrued liabilities 9.190 5,930 Notes payable (current) 77.100 61.820 Accounts payable 111,490 165,450 Total equity and liabilities $1,856,490 $1.778,200 Note 1: Cash dividends were paid at the rate of $1 per share in fiscal year 2019 and $2 per share in fiscal year 2020. CULLUMBER CORPORATION Income Statement For the Fiscal Years Ended March 31 2019 2020 $3,004,800 Sales $2.701,000 Cost of goods sold (note 2) 1,531,900 1,428,000 Gross margin $1.472.900 $1,273,000 Operating expenses 867.500 779,500 Income before income tax $605,400 $493,500 Income tax (30%) ( 181,620 148,050 Net income $423,780 $345.450 Note 2: Depreciation charges on the plant and equipment of $103,000 and $105,575 for fiscal years ended March 31, 2019 and 2020, respectively, are included in cost of goods sold. Additional information: 2020 2019 1. Cash flows from operating activities $459.000 $350,000 2. Capital expenditures for the year 128.000 110,000 Compute the following items for Cullumber Corporation