Martinez 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 Martinez 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 $35,170 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,020 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Martinezs cash flow problems are due primarily to the companys desire to finance a $300,530 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.

Martinez Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,020		$12,390
Notes receivable		147,950		130,690
Accounts receivable (net)		131,350		126,370
Inventories (at cost)		105,470		50,320
Plant & equipment (net of depreciation)		1,461,990		1,428,660
Total assets		$1,864,780		$1,748,430
Liabilities and Owners Equity
Accounts payable		$78,460		$91,360
Notes payable		76,360		61,490
Accrued liabilities		18,000		14,420
Common stock (130,000 shares, $10 par)		1,307,650		1,299,180
Retained earningsa		384,310		281,980
Total liabilities and stockholders equity		$1,864,780		$1,748,430
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Martinez Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$3,008,300		$2,686,200
Cost of goods solda		1,536,610		1,416,800
Gross margin		1,471,690		1,269,400
Operating expenses		857,560		784,330
Income before income taxes		614,130		485,070
Income taxes (40%)		245,652		194,028
Net income		$368,478		$291,042
aDepreciation charges on the plant and equipment of $100,450 and $103,230 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Martinez 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 $1,705,100 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	%