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 $35,170 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,020 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Bonita's cash flow problems are due primarily to the company's desire to finance a $300,530 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. Bonita Corporation Balance Sheet March 31 Assets Cash Notes receivable 2021 2020 $18,020 $12,390 147,950 130,690 Accounts receivable (net) 131,350 126,370 Inventories (at cost) 105,470 50,320 Plant & equipment (net of depreciation) 1,461,990 1,428,660 Total assets $1,864,780 $1,748,430 Liabilities and Owners' Equity Liabilities and Owners' Equity Accounts payable Notes payable $78,460 $91,360 76,360 61,490 Accrued liabilities 18,000 14,420 Common stock (130,000 shares, $10 par) 1,307,650 1,299,180 Retained earnings 384,310 281,980 Total liabilities and stockholders' equity $1,864,780 $1,748,430 "Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Sales revenue Cost of goods sold Gross margin Operating expenses Bonita Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 $3,008,300 $2,686,200 1,536,610 1,416,800 1,471,690 857.560 1,269,400 784,330 Gross margin Operating expenses Income before income taxes, Income taxes (40%) Net income 1,471,690 1,269,400 857,560 784,330 614,130 485,070 245,652 194,028 $368,478 $291,042 *Depreciation charges on the plant and equipment of $100,450 and $103,230 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold. (a) Compute the following items for Bonita Corporation. (Round answers to 2 decimal places, eg. 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. 5. Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,705,100 at 3/31/19.) Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2020 to 2021. 1. Current ratio 2. Acid-test (quick) ratio 3. Inventory turnover 4. Return on assets 2020 :1 :1 2021 :1 :1 times % % 5. Percent Changes Percent Increase % Sales revenue Cost of goods sold Gross margin Net Income after taxes % %