Autolave OFF Home insert Draw Design Layout References Mailings Review View Shamrock love-Saved to my Mac- Tell me Shamrock Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the organizers of Shamrock and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2018, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,150 notes, which are due on June 30, 2018, and September 30, 2018. Another note of $5,990 is due on March 31, 2019, but he expects no difficulty in paying this note on its due date. Brown explained that Shamrock's cash flow problems are due primarily to the company's desire to finance a $302,830 plant expansion over the next 2 fiscal years through internally generated funds. The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years. SHAMROCK CORPORATION BALANCE SHEET MARCH 31 330 Wort English (Unhed Bates Assets 2018 2017 Cash Notes receivable $18,160 $12,510 147,630 131,480 Accounts receivable (net) 131,500 125,740 Inventories (at cost) 104,010 49,720 Plant & equipment (net of depreciation) 1,445,080 1,423,170 $1,846,380 $1,742,620 Total assets 220 1210 THE 47 Share Comments Focus ho 100% AutoSere ME Shamrock love-Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Table Design Layout Tell me Total assets $1,846,380 $1,742,620 Liabilities and Owners' Equity Accounts payable Notes payable 330 words LLY English (United States) $79,000 $90,630 75,300 61,680 Accrued liabilities 18,710 13,720 Common stock (130,000 shares, $10 par)) 1,287,300 1,296,480 Retained earnings 386,070 280,110 Total liabilities and stockholders' equity $1,846,380, $1,742,620 OG 2 I Share Comments Focus 16 SECT Save TME ame Insert Draw Design Layout References Shamrock love-Sened to my Mic Mailings Review View Table Design Layout Tell me Share Comments Total liabilities and stockholders' equity $1,846,380 $1,742,620 Cash dividends were paid at the rate of $1 per share in fiscal year 2017 and $2 per share in fiscal year 2018. SHAMROCK CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31 2018 2017 Sales revenue $3,010,300 $2,703,670 Cost of goods sold 1,545,260 1,433.530 Gross margin 1,465,040 1,270,140 Operating expenses 864,330 779,210 Income before income taxes 600,710 490,930 Income taxes (40%) 240,284 196,372 $360,426 $294,558 Net income Depreciation charges on the plant and equipment of $99,620 and $101,910 for fiscal years Page 2 of 3 339 words 18 English (United States Nicus 220 9 3ll 76 37 14 9 99 Aabblebee Ables AaBbCCD Coub AaBb OFF nsert Draw Design Shamrock love Layout References Mailings Review View Tell me Calibri (Bo 12 t A A Aa- IU ab x A-A Spenning Capones Income before income taxes Income taxes (40%) Net income 339 words 603 English (United States 2555 600,710 490,930 240,284 196,372 $360,426 $294,558 Depreciation charges on the plant and equipment of $99,620 and $101,910 for fiscal years ended March 31, 2017 and 2018, respectively, are included in cost of goods sold, I (a) Compute the following items for Shamrock Corporation. (1) Current ratio for fiscal years 2017 and 2018. 9 55 Share Styles Octane Fin T Comments 1609 Facks