Culver 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 Culver 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 $34,890 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,030 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Culvers cash flow problems are due primarily to the companys desire to finance a $300,330 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.

Culver Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,150		$12,620
Notes receivable		148,430		131,870
Accounts receivable (net)		132,710		124,830
Inventories (at cost)		106,010		49,740
Plant & equipment (net of depreciation)		1,462,750		1,424,480
Total assets		$1,868,050		$1,743,540
Liabilities and Owners Equity
Accounts payable		$78,420		$90,570
Notes payable		75,810		61,420
Accrued liabilities		10,570		18,690
Common stock (130,000 shares, $10 par)		1,311,520		1,290,790
Retained earningsa		391,730		282,070
Total liabilities and stockholders equity		$1,868,050		$1,743,540
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Culver Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$2,982,440		$2,693,330
Cost of goods solda		1,531,830		1,412,530
Gross margin		1,450,610		1,280,800
Operating expenses		868,110		783,720
Income before income taxes		582,500		497,080
Income taxes (40%)		233,000		198,832
Net income		$349,500		$298,248
aDepreciation charges on the plant and equipment of $100,460 and $102,810 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Culver 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 $1,701,230 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	%