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Ratio Computations
	BRADBURN CORPORATION
	Statement of Financial Position
	March 31
	Assets				2018	2017
	Cash				$13,200	$17,500
	Notes receivable				148,000	132,000
	Accounts receivable (net)				131,800	125,500
	Inventories (at cost)				105,000	52,000
	Plant & equipment (net of depreciation)				1,454,000	1,413,500
	Total assets				$1,852,000	$1,740,500
	Liabilities and Stockholders' Equity
	Accounts payable				$79,000	$91,000
	Notes payable				76,000	61,500
	Accrued liabilities				9,000	6,000
	Common stock				1,300,000	1,300,000
	Retained earnings				388,000	282,000
	Total liabilities and stockholders' equity				$1,852,000	$1,740,500
	BRADBURN CORPORATION
	Income Statement
	For The Fiscal Year Ended March 31
					2018	2017
	Sales				$3,000,000	$2,700,000
	Cost of goods sold				1,530,000	1,425,000
	Gross margin				1,470,000	1,275,000
	Operating expenses				860,000	780,000
	Income before income taxes				610,000	495,000
	Income taxes				244,000	198,000
	Net income				$366,000	$297,000
Additional information follows.
		Number of shares outstanding of common stock				130,000
		Par value of common stock per share				$10.00
		Cash dividends paid per share during:
			2017			1.00
			2018			2.00
		Depreciation charges on the plant and equipment
		included in cost of goods sold:
			Fiscal year ending March 31, 2017			$100,000
			Fiscal year ending March 31, 2018			102,500
Instructions:
	Compute the following items for Bradburn Corporation (please show procedures):
	(1) Current ratio for fiscal years 2017 and 2018.
	(2) Acid-test (quick) ratio for fiscal years 2017 and 2018.
	(3) Inventory turnover for fiscal year 2018.
	(4) Return on assets for fiscal years 2017 and 2018.
	Total assets at 3/31/16:				$1,788,500
	(5) Percentage change in sales, cost of goods sold, gross margin, and net income after taxes from fiscal year 2017 to 2018.

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