Bonita 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 Bonita and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2021, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,290 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,050 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Bonitas cash flow problems are due primarily to the companys 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.

Compute the following items for Bonita Corporation. (Round answers to 2 decimal places, e.g. 2.25 or 2.25%.)

1.		Current ratio for fiscal years 2020 and 2021.
2.		Acid-test (quick) ratio for fiscal years 2020 and 2021.
3.		Inventory turnover for fiscal year 2021.
4.		Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,697,000 at 3/31/19.)
5.		Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2020 to 2021.

2020			2021
1.		Current ratio		enter the ratio rounded to 2 decimal places	:1		enter the ratio rounded to 2 decimal places	:1
2.		Acid-test (quick) ratio		enter the ratio rounded to 2 decimal places	:1		enter the ratio rounded to 2 decimal places	:1
3.		Inventory turnover					enter the inventory turnover rounded to 2 decimal places	times
4.		Return on assets		enter the return on assets in percentages rounded to 2 decimal places	%		enter the return on assets in percentages rounded to 2 decimal places	%

5.		Percent Changes		Percent Increase
		Sales revenue		enter percentages rounded to 2 decimal places	%
		Cost of goods sold		enter percentages rounded to 2 decimal places	%
		Gross margin		enter percentages rounded to 2 decimal places	%
		Net income after taxes		enter percentages rounded to 2 decimal places	%

Bonita Corporation Balance Sheet March 31 Assets 2021 2020 Cash $18,070 $12,550 Notes receivable 146,560 132,210 Accounts receivable (net) 130,890 124,430 Inventories (at cost) 105,500 49,630 Plant & equipment (net of depreciation) 1,455,450 1,413,000 Total assets $1,856,470 $1,731,820 Liabilities and Owners' Equity Accounts payable $79,550 $90,880 Notes payable 76,630 61,070 Accrued liabilities 14,100 4,980 Common stock (130,000 shares, $10 par) 1,301,840 1,311,740 Retained earningsa 384,350 263,150 Total liabilities and stockholders' equity $1,856,470 $1,731,820 aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Bonita Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 Sales revenue $2,994,080 $2,725,510 Cost of goods solda 1,518,900 1,438,280 Gross margin 1,475,180 1,287,230 Operating expenses 865,250 782,460 Income before income taxes 609,930 504,770 Income taxes (40%) 243,972 201,908 Net income $365,958 $302,862 aDepreciation charges on the plant and equipment of $100,600 and $102,130 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold