Bradburn 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 Bradburn and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2015, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,310 notes, which are due on June 30, 2015, and September 30, 2015. Another note of $6,330 is due on March 31, 2016, but he expects no difficulty in paying this note on its due date. Brown explained that Bradburns cash flow problems are due primarily to the companys desire to finance a $315,900 plant expansion over the next 2 fiscal years through internally generated funds.

The commercial loan officer of Topeka National Bank requested financial reports for the last 2 fiscal years.

BRADBURN CORPORATION BALANCE SHEET MARCH 31
Assets	2015	2014
Cash	$18,890	$13,430
Notes receivable	148,510	132,720
Accounts receivable (net)	134,980	125,720
Inventories (at cost)	106,240	51,390
Plant & equipment (net of depreciation)	1,462,400	1,421,000
Total assets	$1,871,020	$1,744,260
Liabilities and Owners Equity
Accounts payable	$79,850	$91,650
Notes payable	76,950	61,990
Accrued liabilities	26,212	7,640
Common stock (130,000 shares, $10 par)	1,300,000	1,300,000
Retained earningsa	388,008	282,980
Total liabilities and stockholders equity	$1,871,020	$1,744,260
aCash dividends were paid at the rate of $1 per share in fiscal year 2014 and $2 per share in fiscal year 2015.

BRADBURN CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31
2015	2014
Sales revenue	$3,015,100	$2,708,100
Cost of goods solda	1,543,100	1,442,700
Gross margin	1,472,000	1,265,400
Operating expenses	863,620	784,700
Income before income taxes	608,380	480,700
Income taxes (40%)	243,352	192,280
Net income	$365,028	$288,420
aDepreciation charges on the plant and equipment of $118,600 and $120,800 for fiscal years ended March 31, 2014 and 2015, respectively, are included in cost of goods sold.

(a)

Compute the following items for Bradburn Corporation. (Round answer to 2 decimal places, e.g. 2.25.)

(1)	Current ratio for fiscal years 2014 and 2015.
(2)	Acid-test (quick) ratio for fiscal years 2014 and 2015.
(3)	Inventory turnover for fiscal year 2015.
(4)	Return on assets for fiscal years 2014 and 2015. (Assume total assets were $1,698,300 at 3/31/13.)
(5)	Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2014 to 2015.