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Blue 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 Blue 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 $34,740 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 Blue's cash flow problems are due primarily to the company's desire to finance a $297,240 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. Blue Corporation Balance Sheet March 31 Assets 2021 2020 Cash $18,040 $12,400 Notes receivable 147,260 131,030 Accounts receivable (net) 132,340 125,790 Inventories (at cost) 105,650 49,690 Plant & equipment (net of depreciation) 1,445,350 1,431,190 Total assets $1,848,640 $1,750,100 Liabilities and Owners' Equity. Accounts payable $79,080 $91,660 Notes payable 75,500 61,330 Accrued liabilities 16,490 11,510 1,290,130 1,306,340 Common stock (130,000 shares, $10 par) Retained earnings 387,440 279,260 Total liabilities and stockholders' equity $1,848,640 $1,750,100 Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Blue Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 Sales revenue $2,971,790 $2,699,340 Cost of goods solda 1,533.470 1,433,480 Gross margin 1,438,320 1,265,860 Operating expenses 852,540 777,590 Income before income taxes 585,780 488,270 Income taxes (40%) 234,312 195,308 Net income $351,468 $292,962 Depreciation charges on the plant and equipment of $100,490 and $102,670 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold. (a) Compute the following items for Blue Corporation. (Round answers to 2 decimal places, eg. 2.25 or 2.25%.) 1. 2. Current ratio for fiscal years 2020 and 2021. Acid-test (quick) ratio for fiscal years 2020 and 2021. Inventory turnover for fiscal year 2021. 3 3. 4. Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,673,770 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. 5. 2020 2021 1. Current ratio :1 :1 2. Acid-test (quick) ratio :1 :1 . 3. Inventory turnover times 4. Return on assets % % 5. Percent Changes Percent Increase Sales revenue % Cost of goods sold % Gross margin % Net income after taxes %