Teal 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 Teal 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 $6,040 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Teals cash flow problems are due primarily to the companys desire to finance a $298,670 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.

Teal Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,060		$12,500
Notes receivable		146,670		131,400
Accounts receivable (net)		131,210		125,380
Inventories (at cost)		104,100		50,310
Plant & equipment (net of depreciation)		1,444,840		1,429,170
Total assets		$1,844,880		$1,748,760
Liabilities and Owners Equity
Accounts payable		$79,330		$91,520
Notes payable		75,880		61,310
Accrued liabilities		3,030		15,240
Common stock (130,000 shares, $10 par)		1,295,390		1,301,330
Retained earningsa		391,250		279,360
Total liabilities and stockholders equity		$1,844,880		$1,748,760
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Teal Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$3,003,000		$2,673,550
Cost of goods solda		1,531,860		1,423,760
Gross margin		1,471,140		1,249,790
Operating expenses		859,420		780,390
Income before income taxes		611,720		469,400
Income taxes (40%)		244,688		187,760
Net income		$367,032		$281,640
aDepreciation charges on the plant and equipment of $99,950 and $101,590 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Teal 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 $1,681,980 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	%