Wildhorse 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 Wildhorse 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 $35,320 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5,940 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Wildhorses cash flow problems are due primarily to the companys desire to finance a $302,050 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.

Wildhorse Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,130		$12,400
Notes receivable		148,340		132,610
Accounts receivable (net)		132,970		125,610
Inventories (at cost)		105,280		49,700
Plant & equipment (net of depreciation)		1,442,810		1,431,850
Total assets		$1,847,530		$1,752,170
Liabilities and Owners Equity
Accounts payable		$78,630		$90,790
Notes payable		76,580		61,850
Accrued liabilities		18,110		29,430
Common stock (130,000 shares, $10 par)		1,289,230		1,290,910
Retained earningsa		384,980		279,190
Total liabilities and stockholders equity		$1,847,530		$1,752,170
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Wildhorse Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$3,007,270		$2,709,810
Cost of goods solda		1,522,790		1,432,430
Gross margin		1,484,480		1,277,380
Operating expenses		860,800		775,260
Income before income taxes		623,680		502,120
Income taxes (40%)		249,472		200,848
Net income		$374,208		$301,272
aDepreciation charges on the plant and equipment of $100,160 and $103,110 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Wildhorse 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 $1,694,460 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	%