(Liquidity and profitability analysis) Cathy's Cuisine Ltd. is a small restaurant and catering business started three years ago by Cathy Crosby. Initially the company's operations consisted of a small diner. In 2019, the company added the catering services as a way to expand sales without having to add space for seats. As the catering side of the business grew in 2020 , the company purchased a used vehicle for deliveries. All sales in the diner are cash, debit, or credit card, but for catering jobs, customers are invoiced after the event. Most of the company's suppliers offer terms of 30 days. Selected financial information for Cathy's Cuisine Ltd. follows. Activate Wir \begin{tabular}{lrll} Building and equipment & 27,250 & & 24,210 \\ \cline { 2 } \cline { 4 - 5 } Total assets & & $79,320 & $58,310 \\ & & & \end{tabular} Liabilities and equity Assume the growth in sales in 2020 is primarily from the catering business. Calculate the gross marg (Round answers to 1 decimal place, e.g. 15.1\%.) Assume the growth in sales in 2020 is primarily from the catering business. Calculate the gross margins and the profit margins. (Round answers to 1 decimal place, e.g. 15.1\%.)