Marin 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 Marin 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 $34,750 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,990 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Marins cash flow problems are due primarily to the companys desire to finance a $299,300 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.

Marin Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,270		$12,430
Notes receivable		148,780		130,950
Accounts receivable (net)		131,230		125,720
Inventories (at cost)		104,200		49,640
Plant & equipment (net of depreciation)		1,452,000		1,431,290
Total assets		$1,854,480		$1,750,030
Liabilities and Owners Equity
Accounts payable		$78,690		$91,120
Notes payable		75,490		61,750
Accrued liabilities		6,130		19,930
Common stock (130,000 shares, $10 par)		1,307,580		1,296,530
Retained earningsa		386,590		280,700
Total liabilities and stockholders equity		$1,854,480		$1,750,030
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Marin Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$3,010,800		$2,721,120
Cost of goods solda		1,535,270		1,423,060
Gross margin		1,475,530		1,298,060
Operating expenses		856,650		783,860
Income before income taxes		618,880		514,200
Income taxes (40%)		247,552		205,680
Net income		$371,328		$308,520
aDepreciation charges on the plant and equipment of $100,510 and $101,910 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Marin 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 $1,672,570 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	%