Problem 24-03 a Riverbed 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 Riverbed 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 $34,920 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,970 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Riverbed's cash flow problems are due primarily to the company's desire to finance a $300,720 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. Riverbed Corporation Balance Sheet March 31 Assets Cash Notes receivable Accounts receivable (net) Inventories (at cost) Plant & equipment (net of depreciation) Total assets 2021 $18,120 148,700 132,830 104,150 1,440,600 $1,844,400 2020 $12,410 130,840 125,880 50,010 1,429,490 $1.748,630 Liabilities and Owners' Equity Accounts payable Notes payable Accrued liabilities Common stock (130,000 shares, $10 par) Retained earnings Total liabilities and stockholders' equity $78,220 75.810 2.450 1.298,610 389,310 $1,844,400 $90,330 61,590 23,230 1.290,550 282,930 $1.748.630 Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Riverbed Corporation Income Statement For the Fiscal Years Ended March 31 Sales revenue Cost of goods sold Gross margin Operating expenses Income before income taxes Income taxes (40%) Net income $2,992,720 1.514 810 1,477,910 856 040 621870 248,748 $373, 122 2020 $2. 693,360 1.418,370 1.274,490 775,840 498,650 199,460 $299,190 Depreciation charges on the plant and equipment of $100,020 and $102.710 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of coods sold Compute the following items for Riverbed Corporation. (Round answers to 2 decimal places, e.g. 2.25 or 2.25%.) 1. 2. 3. 4. 5 Current ratio for fiscal years 2020 and 2021 Acid-test (quick) ratio for fiscal years 2020 and 2021 Inventory turnover for fiscal year 2021 Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,682,280 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 2020 2021 1. Current ratio 2. Acid-test (quick) ratio 3. Inventory turnover times 4. Retum on assets Percent Changes Percent Increase Sales revenue Cost of goods sold Gross margin Net income after taxes Click if you would like to Show Work for this question: Doen Show Work