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I did most of the work already, please help. Sheffield Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown,

I did most of the work already, please help.image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Sheffield 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 Sheffield 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 $34,710 notes, which are due on June 30, 2018, and September 30, 2018. Another note of $5,960 is due on March 31, 2019, but he expects no difficulty in paying this note on its due date. Brown explained that Sheffield's cash flow problems are due primarily to the company's desire to finance a $297,780 plant expansion over the next 2 fiscal years through internally generated funds s expent The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years SHEFFIELD CORPORATION BALANCE SHEET MARCH 31 2018 2017 Assets Cash Notes receivable Accounts receivable (net) Inventories (at cost) Plant & equipment (net of depreciation) $18,150 147,750 132,330 104,180 1,452,190 $1,854,600 $12,590 132,990 125,910 50,480 1,415,700 $1,737,670 Total assets Liabilities and Owners' Equi Accounts payable Notes payable Accrued liabilities Common stock (130,000 shares, $10 par) Retained earningsa ty $79,360 76,540 11,190 1,311,880 375,630 $1,854,600 $90,840 61,410 15,660 1,287,060 282,700 $1,737,670 Total liabilities and stockholders' equity aCash dividends were paid at the rate of $1 per share in fiscal year 2017 and $2 per share in fiscal year 2018. SHEFFIELD CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31 2018 2017 $2,978,310 1,521,880 1,456,430 853,970 602,460 240,984 $361,476 $2,687,000 1,422,100 1,264,900 779,230 485,670 194,268 $291,402 Sales revenue Cost of goods solda Gross margin Operating expenses Income before income taxes Income taxes (40%) Net income a Depreciation charges on the plant and equipment of $100,150 and $102,620 for fiscal years ended March 31, 2017 and 2018, respectively, are included in cost of goods sold (a) Compute the following items for Sheffield Corporation. (Round answer to 2 decimal places, eg. 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 $1,700,920 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) Acid-test (quick) ratio (3) Inventory turnover (4) Return on assets 1.92 :1 2.41 :1 1.78 :1 19.68 times 19% id-test (quick) ratio1.62 1.62| :1 (5) Percent Changes Percent Increase Sales revenue 71 % Cost of goods sold Gross margin 1511 % Net income after taxess 2411 %

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