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Could use help! Thanks. Bridgeport Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the
Could use help! Thanks.
Bridgeport 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 Bridgeport 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 $34,780 notes, which are due on June 30,2021 , and September 30, 2021. Another note of $5,980 is due on March 31,2022 , but he expects no difficulty in paying this note on its due date. Brown explained that Bridgeport's cash flow problems are due primarily to the company's desire to finance a $300,880 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. 3 Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. 3 Depreciation charges on the plant and equipment of $99,730 and $103,000 for fiscal years ended March 31,2020 and 2021. respectively, are included in cost of goods sold. (a) Compute the following items for Bridgeport Corporation. (Round answers to 2 decimal ploces, es. 2.25 or 2.25\%) Compute the following items for Bridgeport Corporation. (Round answers to 2 decimal places, es. 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 $1,683,260 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. 5. Percent Changes SalesrevenuePercentIncrease%% Cost of goods sold % Gross margin % Net income after taxes % Step by Step Solution
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