Grouper 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 Grouper and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2018, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,140 notes, which are due on June 30, 2018, and September 30, 2018. Another note of $5,990 is due on March 31, 2019, but he expects no difficulty in paying this note on its due date. Brown explained that Groupers cash flow problems are due primarily to the companys desire to finance a $301,430 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.

GROUPER CORPORATION BALANCE SHEET MARCH 31
Assets		2018		2017
Cash		$18,340		$12,500
Notes receivable		147,090		132,010
Accounts receivable (net)		132,350		125,250
Inventories (at cost)		105,410		49,960
Plant & equipment (net of depreciation)		1,434,630		1,411,230
Total assets		$1,837,820		$1,730,950
Liabilities and Owners Equity
Accounts payable		$79,720		$91,760
Notes payable		75,550		61,120
Accrued liabilities		6,060		11,960
Common stock (130,000 shares, $10 par)		1,305,620		1,311,870
Retained earningsa		370,870		254,240
Total liabilities and stockholders equity		$1,837,820		$1,730,950
aCash dividends were paid at the rate of $1 per share in fiscal year 2017 and $2 per share in fiscal year 2018.

GROUPER CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31
		2018		2017
Sales revenue		$3,028,020		$2,712,300
Cost of goods solda		1,534,160		1,416,420
Gross margin		1,493,860		1,295,880
Operating expenses		861,150		775,180
Income before income taxes		632,710		520,700
Income taxes (40%)		253,084		208,280
Net income		$379,626		$312,420
aDepreciation charges on the plant and equipment of $99,460 and $102,440 for fiscal years ended March 31, 2017 and 2018, respectively, are included in cost of goods sold.

(a) Compute the following items for Grouper Corporation. (Round answer to 2 decimal places, e.g. 2.25 or 2.25%.)

(1)		Current ratio for fiscal years 2017 and 2018.
(2)		Acid-test (quick) ratio for fiscal years 2017 and 2018.
(3)		Inventory turnover for fiscal year 2018.
(4)		Return on assets for fiscal years 2017 and 2018. (Assume total assets were $1,672,060 at 3/31/16.)
(5)		Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2017 to 2018.

2017 2018 (1) Current ratio 2.50 :1 1.941 (2) Acid-test (quick) ratio 1.851 1.641 (3) Inventory turnover 28.35 times (4) Return on assets 20.66 % 18.05 % (5) Percent Changes Percent Increase Sales revenue 11.64 % Cost of goods sold Gross margin Net income after taxes 8.311 % 15.281 % 21.511 %