Sunland 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 Sunland 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 $34,980 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,060 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Sunlands cash flow problems are due primarily to the companys desire to finance a $298,500 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.

Sunland Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,050		$12,590
Notes receivable		147,320		130,790
Accounts receivable (net)		132,920		125,940
Inventories (at cost)		105,990		49,780
Plant & equipment (net of depreciation)		1,445,010		1,412,350
Total assets		$1,849,290		$1,731,450
Liabilities and Owners Equity
Accounts payable		$78,710		$90,810
Notes payable		76,020		61,260
Accrued liabilities		4,360		1,880
Common stock (130,000 shares, $10 par)		1,301,250		1,293,620
Retained earningsa		388,950		283,880
Total liabilities and stockholders equity		$1,849,290		$1,731,450
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Sunland Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$3,000,740		$2,718,060
Cost of goods solda		1,528,300		1,433,820
Gross margin		1,472,440		1,284,240
Operating expenses		868,470		779,910
Income before income taxes		603,970		504,330
Income taxes (40%)		241,588		201,732
Net income		$362,382		$302,598
aDepreciation charges on the plant and equipment of $99,500 and $102,710 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Sunland 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 $1,690,000 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	%