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work Question 10 of 13 - / 1 III Current Attempt in Progress Buffalo 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 Buffalo 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 26-month extension on two $35.180 notes, which are due on June 30, 2021, and September 30, 2021. Another note of $5.970 i dor on March 31,2022, but he expects no difficulty in paying this note on its due date. Brown plained that Buffalo's cash flow problems are due primarily to the company's desire to finance a $299,820 plant expansion over the next 2 fiscal years through internally generated funds The commercial loan officer of Topeka Natlonal Bank requested the following financial reports to the last 2 focal years Buffalo Corporation Balance Sheet March 31 2020 Assets 2021 Cash 318.140 $12,490 131070 Notes receivable 1447030 124830 Accounts receivable (net) Inventories (at cost) Plant & equipment (net of depreciation) 132730 104550 $9.700 1.462.750 1417080 GERDA Landlord-Informa pd Community lanks.xx de pot.ch 14.ppt Landlord-formad MacBook Air GOG BO 73 16 A * # 3 $ 4 % 5 & 7 6 2 ON 9 0 8 W E R T Y U ul O c. WOT Question 10 of 13 -/ Assets 2021 2020 Cash $18,140 $12.490 Notes receivable 147,030 131,070 Accounts receivable (net) 132,730 124,830 Inventaries (at cost) 104 550 49,700 1462.750 1.417,080 Plant & equipment (net of depreciation Total assets $1.865.200 51.735.170 Liabilities and Owners' Equity Accounts payable $79.140 $91380 Notes payable 76.330 61.560 Accrued liabilities 21950 11.570 1301670 1288.340 Common stock (130,000 shares. 510 par) Retained earnings Total liabilities and stockholders' equity 386.110 282320 $1.865.200 $1.735 170 Community Banks isBe_pet_ch14.pt Landlord Informa..pdf Landlord Informa... MacBook Air IN 30 GOS 000 R 55 7 F2 3 A & * # 3 $ 4 AS % 5 7 8 6 0 9 2 W E R O T Y U Fotos NICOLA 02 Natt willy PageDoc Apots US diena 2031 O work Question 10 of 13 > -/1 *Cash dividends were paid at the rate of $1 per share in fiscal year 2020 and $2 per share in fiscal year 2021. Buffalo Corporation Income Statement For the Fiscal Years Ended March 31 2021 2020 Sales revenue $3017.370 $2675-520 Cost of goods sold 1.534.450 1434.800 1482.920 1.240720 Gross marin Operating expenses 859,730 778.290 Income before income taxes 623190 462.430 Income taxes (40%) 247.276 184.972 Net Income $371914 $277458 Depreciation charges on the plant and equipment of $100,410 and $102.940 for fiscal years ended March 31, 2020 and 2021 respectively, are included in cost of goods sold. Communityblank the Best_ch14.ppt Landlord-Informa_po Landora-Interme pe MacBook Air DOO 46 11 80 F3 2 TA FA A *** # 3 $ 4 % 5 unde & 7 6 6 N 8 9 0 W E PI R Y 0 T U WORK Question 10 of 13 - / 1 Depreciation charges on the plant and equipment of $100.410 and $102,940 for fiscal years ended March 31, 2020 and 2021, respectively, are included in cost of goods sold. (al 1 2. Compute the following items for Buffalo Corporation (Round answers to 2 decimal places, eg 2.25 or 225%) Current ratio for fiscal years 2020 and 2081. Acid-test (quick) ratio for fiscal years 2020 and 2021. Inventory turnover for fiscal year 2021, Return on assets for fiscal years 2020 and 2021. (Assume total assets were $1676.750 at 3/31/19) Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2020 to 2021. 3 4. 5. 2020 2021 1 Current ratio 11 2 1 11 Acid-test (quick) ratio steppt.ch 14.ppt Landiond-informa pdf Community Banks Landlord-Informapol MacBook Air 20 DOO DOD *** 53 2020 2021 1 Current ratio 1 11 2 Acid-test (quick) ratio 1 21 3. Inventory turnover times 4. Return on assets 9 5 Percent Changes Percent increase Sales revenue Cost of goods sold Grossmann Net income after taxes 2 Community Banks.xlsx pl.ch 14.ppt Landlord Informal Landlord Inform. MacBook Air * 30 1 doo 14 45 18 A * $ 4 % 5 & 7 2 3 ON 8 9 W E R T Y U 0 Question 10 of 13

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