Coronado 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 Coronado 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 $35,140 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,960 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Coronado's cash flow problems are due primarily to the company's desire to finance a $297,340 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. Coronado Corporation Balance Sheet March 31 Assets Cash Notes receivable 2021 2020 $18,250 $12,400 148,470 131,930 Accounts receivable (net) 131.230 126,700 Inventories (at cost) 104,800 50,130 Plant & equipment (net of depreciation) 1,457,040 1,426,050 Total assets $1,859,790 $1,747,210 Liabilities and Owners' Equity. Accounts payable $78,750 $90,290 Notes payable 76,240 61,920 Accrued liabilities 24,560 22,040 Common stock (130,000 shares, $10 par) 1.289,340 1,292,930 Retained earnings 390,900 280.030 Total liabilities and stockholders' equity $1.859.790 $1,747,210 *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 Income before income taxes Income taxes (40%) Net income Coronado Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 $2,986,270 $2,689,940 1,517,030 1,418,250 1,469,240 1,271,690 852,550 776,720 616,690 494.970 246,676 $370,014 197,988 $296,982 Depreciation charges on the plant and equipment of $99,470 and $101,870 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold. (a) Compute the following items for Coronado 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. 5. Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,700,190 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 2020 1.84 :1 2021 2.24 :1 2. Acid-test (quick) ratio 1.55 :1 1.66 :1 3. Inventory turnover 19.58 times 4. Return on assets 5. Percent Changes Percent Increase Sales revenue 17.2 % 20.5 % 7.97 % Cost of goods sold 6.96 % Gross margin 15.53 % Net income after taxes 24.59 %