Current Attempt in Progress Kingbird 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 Kingbird 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 $34.980 notes, which are due on June 30, 2021, and September 30,2021. Another note of $6,060 is due on March 31. 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Kingbird's cash flow problems are due primarily to the company's desire to finance a $298.500 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. Kingbird Corporation Balance Sheet March 31 Assets 2021 2020 Cash $18,050 $12,590 147.320 130.790 132.920 125.940 Notes receivable Accounts receivable (net) Inventories (at cost) Plant & equipment (net of depreciation) Total assets 105.990 49.780 1.445.010 1.412,350 $1.849 290 $1,731,450 $78,710 $90,810 76,020 61,260 Liabilities and Owners' Equity Accounts payable Notes payable Accrued liabilities Common stock (130,000 shares. $10 par) Retained earnings Total liabilities and stockholders' equity 4,360 1.880 1,301,250 1,293,620 388,950 283,880 $1.849,290 $1.731.450 -Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Kingbird Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 $3,000,740 $2.718,060 1.528,300 1,433,820 Sales revenue Cost of goods sold Gross margin Operating expenses 1.472,440 1,284,240 868,470 779,910 603,970 504,330 Income before income taxes Income taxes (40%) Net income 241,588 201,732 $362,382 $302,598 -Depreciation charges on the plant and equipment of $99.500 and $102.710 for fiscal years ended March 31, 2020 and 2021. respectively, are included in cost of goods sold. (a) 1. 2. Compute the following items for Kingbird Corporation (Round answers to 2 decimal places, eg 2.25 or 2.25%.) Current ratio for fiscal years 2020 and 2021. Acid-test (quick) ratio for fiscal years 2020 and 2021 Inventory turnover for fiscal year 2021 Return on assets for fiscal years 2020 and 2021 (Assume total assets were $1.690,000 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 3. 4. . 5. 2020 2021 1. Current ratio :1 2 Acid-test (quick) ratio :1 :1 3. Inventory tumover times 4. Return on assets 96 %6 5. Percent Changes Percent Increase Sales revenue % Cost of goods sold 96 Gross margin 26 Net income after taxes %