Can someone help me with accounting ratios

Posted on 2013-11-25 16:51:00 in Finance by LAUREN

Bradburn 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 Bradburn and is its current president. The company has been successful, but it currently is experiencing a shortage of funds. On June 10, Daniel Brown approached the Topeka National Bank, asking for a 24-month extension on two $35,390 notes, which are due on June 30, 2013, and September 30, 2013. Another note of $6,620 is due on March 31, 2014, but he expects no difficulty in paying this note on its due date. Brown explained that Bradburn's cash flow problems are due primarily to the company's desire to finance a $302,800 plant expansion over the next 2 fiscal years through internally generated funds.

The commercial loan officer of Topeka National Bank requested financial reports for the last 2 fiscal years. These reports are reproduced below.

Balance Sheet- march 31

Assets

2013 2012

Cash $18,270 $13,250

Notes receivable 149,250 133,440

Accounts receivable (net) 134,730 126,120

Inventories (at cost) 107,660 50,700

Plant & equipment (net of depreciation) 1,463,500 1,429,000

Total assets $1,873,410 $1,752,510

Liabilities and Owners' Equity

Accounts payable $79,840 $91,320

Notes payable 77,400 63,400

Accrued liabilities 31,598 15,630

Common stock (130,000 shares, $10 par) 1,300,000 1,300,000

Retained earningsa 384,572 282,160

Total liabilities and owners' equity $1,873,410 $1,752,510

*Cash dividends were paid at the rate of $1 per share in fiscal year 2012 and $2 per share in fiscal year 2013.

income statement

2013 2012

Sales $3,011,800 $2,702,200

Cost of goods solda 1,545,800 1,438,200

Gross margin 1,466,000 1,264,000

Operating expenses 861,980 789,900

Income before income taxes 604,020 474,100

Income taxes (40%) 241,608 189,640

Net income $362,412 $284,460

* Depreciation charges on the plant and equipment of $114,200 and $116,300 for fiscal years ended March 31, 2012 and 2013, respectively, are included in cost of goods sold.

(1) Current ratio for fiscal years 2012 and 2013.
(2) Acid-test (quick) ratio for fiscal years 2012 and 2013.
(3) Inventory turnover for fiscal year 2013.
(4) Return on assets for fiscal years 2012 and 2013. (Assume total assets were $1,691,700 at 3/31/11.)
(5) Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2012 to 2013.

When I do the math I am not getting the right answer! If anyone could help that would be great.

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