Swifty 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 Swifty and is its current president The company has been successful, but it currently is experiencing a shortage of funds On June 10, 2018, Daniel Brown approached the Topeka National Bank, asking for a 24 month extension on two $34,660 notes, which are due on June 30, 2018, and September 30, 2018 Another note of $6,010 is due on March 31, 2019, but he expects no difficulty in paying this note on its due date Brown explained that Swiftys cash flow problems are due primarily to the companys desire to finance a $298,840 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 SWIFTY CORPORATION BALANCE SHEET MARCH 31 Assets 2018 2017 Cash $18,270 $12,480 Notes receivable 147,920 132,320 Accounts receivable (net) 132,770 124,290 Inventories (at cost) 105,380 49,890 Plant equipment (net of depreciation) 1,462,720 1,422,440 Total assets $1,867,060 $1,741,420 Liabilities and Owners Equity Accounts payable $79,230 $90,420 Notes payable 76,430 62,080 Accrued liabilities 13,350 8,010 Common stock (130,000 shares, $10 par) 1,310,960 1,298,480 Retained earnings a 387,090 282,430 Total liabilities and stockholders equity $1,867,060 $1,741,420 a Cash dividends were paid at the rate of $1 per share in fiscal year 2017 and $2 per share in fiscal year 2018 SWIFTY CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31 2018 2017 Sales revenue $2,982,010 $2,714,300 Cost of goods sold a 1,536,070 1,429,200 Gross margin 1,445,940 1,285,100 Operating expenses 862,980 780,940 Income before income taxes 582,960 504,160 Income taxes (40 ) 233,184 201,664 Net income $349,776 $302,496 a Depreciation charges on the plant and equipment of $99,760 and $103,150 for fiscal years ended March 31, 2017 and 2018, respectively, are included in cost of goods sold (a) Compute the following items for Swifty Corporation (Round answer to 2 decimal places, e g 2 25 or 2 25 ) (1) Current ratio for fiscal years 2017 and 2018 (2) Acid test (quick) ratio for fiscal years 2017 and 2018 (3) Inventory turnover for fiscal year 2018 (4) Return on assets for fiscal years 2017 and 2018 (Assume total assets were $1,679,620 at 3 31 16 ) (5) Percentage change in sales, cost of goods sold, gross margin, and net income after t

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Swifty Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one

Swifty 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 Swifty and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, 2018, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $34,660 notes, which are due on June 30, 2018, and September 30, 2018. Another note of $6,010 is due on March 31, 2019, but he expects no difficulty in paying this note on its due date. Brown explained that Swiftys cash flow problems are due primarily to the companys desire to finance a $298,840 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.

SWIFTY CORPORATION BALANCE SHEET MARCH 31
Assets	2018	2017
Cash	$18,270	$12,480
Notes receivable	147,920	132,320
Accounts receivable (net)	132,770	124,290
Inventories (at cost)	105,380	49,890
Plant & equipment (net of depreciation)	1,462,720	1,422,440
Total assets	$1,867,060	$1,741,420

Liabilities and Owners Equity
Accounts payable	$79,230	$90,420
Notes payable	76,430	62,080
Accrued liabilities	13,350	8,010
Common stock (130,000 shares, $10 par)	1,310,960	1,298,480
Retained earnings^a	387,090	282,430
Total liabilities and stockholders equity	$1,867,060	$1,741,420

^aCash dividends were paid at the rate of $1 per share in fiscal year 2017 and $2 per share in fiscal year 2018.

SWIFTY CORPORATION INCOME STATEMENT FOR THE FISCAL YEARS ENDED MARCH 31
	2018	2017
Sales revenue	$2,982,010	$2,714,300
Cost of goods sold^a	1,536,070	1,429,200
Gross margin	1,445,940	1,285,100
Operating expenses	862,980	780,940
Income before income taxes	582,960	504,160
Income taxes (40%)	233,184	201,664
Net income	$349,776	$302,496

^aDepreciation charges on the plant and equipment of $99,760 and $103,150 for fiscal years ended March 31, 2017 and 2018, respectively, are included in cost of goods sold.

(a) Compute the following items for Swifty Corporation. (Round answer to 2 decimal places, e.g. 2.25 or 2.25%.)

(1)		Current ratio for fiscal years 2017 and 2018.
(2)		Acid-test (quick) ratio for fiscal years 2017 and 2018.
(3)		Inventory turnover for fiscal year 2018.
(4)		Return on assets for fiscal years 2017 and 2018. (Assume total assets were $1,679,620 at 3/31/16.)
(5)		Percentage change in sales, cost of goods sold, gross margin, and net income after t