Sheridan 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 Sheridan 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 $34,710 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,960 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Sheridan'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. The commercial loan officer of Topeka National Bank requested the following financial reports for the last 2 fiscal years. Sheridan Corporation Balance Sheet March 31 Assets 2021 2020 Cash $18,150 $12,590 Notes receivable 147,750 132,990 Accounts receivable (net) 132,330 125,910 Inventories (at cost) 104,100 50,480 Plant & equipment (net of depreciation) 1.452,190 1,415,700 Total assets $1,854,600 $1,737,670 Liabilities and Owners' Equity Accounts payable Notes payable Accrued liabilities Common stock (130,000 shares, $10 par) Retained earnings Total abilities and stockholders' equity $79,360 75,380 12,350 1,311,880 375,630 $1,854,600 $90,840 61,410 15,660 1,287,060 282,700 $1,737,670 *Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Sales revenue Cost of goods sold Gross margin Operating expenses Income before income taxes Income taxes (40%) Net Income For the Fiscal Years Ended March 31 2021 $2,978,310 1,521,880 1,456,430 853,970 602,460 240,984 $361,476 2020 $2,687,000 1,422,100 1,264,900 779,230 485,670 194,268 $291,402 Depreciation charges on the plant and equipment of $100,150 and $102,620 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold. Compute the following items for Sheridan 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. Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1,700,920 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 Current ratio :1 2. 21 :1 Acid-test (quick) ratio Inventory turnover times 4. Return on assets % 5. Percent Increase Percent Changes Sales revenue Cost of goods sold % Gross margin % Net income after taxes