Windsor 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 Windsor 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 $34,740 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $6,020 is due on March 31, 2022, but he expects no difficulty in paying this note on its due date. Brown explained that Windsors cash flow problems are due primarily to the companys desire to finance a $297,240 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.

Windsor Corporation Balance Sheet March 31
Assets		2021		2020
Cash		$18,040		$12,400
Notes receivable		147,260		131,030
Accounts receivable (net)		132,340		125,790
Inventories (at cost)		105,650		49,690
Plant & equipment (net of depreciation)		1,445,350		1,431,190
Total assets		$1,848,640		$1,750,100
Liabilities and Owners Equity
Accounts payable		$79,080		$91,660
Notes payable		75,500		61,330
Accrued liabilities		16,490		11,510
Common stock (130,000 shares, $10 par)		1,290,130		1,306,340
Retained earningsa		387,440		279,260
Total liabilities and stockholders equity		$1,848,640		$1,750,100
aCash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021.

Windsor Corporation Income Statement For the Fiscal Years Ended March 31
		2021		2020
Sales revenue		$2,971,790		$2,699,340
Cost of goods solda		1,533,470		1,433,480
Gross margin		1,438,320		1,265,860
Operating expenses		852,540		777,590
Income before income taxes		585,780		488,270
Income taxes (40%)		234,312		195,308
Net income		$351,468		$292,962
aDepreciation charges on the plant and equipment of $100,490 and $102,670 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold.

(a) Compute the following items for Windsor 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 $1,673,770 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	%