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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
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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 $34,920 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 Windsor's cash flow problems are due primarily to the company's desire to finance a $298,670 plant expansion over the next 2 fiscal years through internally generated funds. a Depreciation 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 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 $1,681,980 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
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