(Liquidity and profitability analysis) Superior Kitchens and Bathrooms Ltd. is a small business that sells kitchen and bathroom fixtures and accessories and also does design and installation. The business was started three years ago by Qing Liu. Initially the company's operations consisted of kitchen and bathroom renovations for individual homes. In 2019, the company started providing design and installation services to local contractors to expand sales. As the contractor side of the business grew in 2020, the company purchased a truck for deliveries. All sales to individuals are cash on delivery, but for contracting jobs, customers are invoiced and are offered 30-day payment terms. The company's suppliers offer terms of 30 days. Selected financial information for Superior Kitchens and Bathrooms Ltd. follows. Assets 2020 2019 Cash $12,090 $4,350 Accounts receivable 19.890 13.050 Inventory 15.210 8.265 Land 21,000 21,000 Building and equipment 62.600 53,700 Total assets $130,790 $100,365 17C ADD Total assets $130,790 $100,365 Liabilities and equity Accounts payable $13,300 $11,100 Short-term note payable 2,800 0 Mortgage payable current 3,400 3,400 Mortgage payable 30,600 34,000 Share capital 16.900 16,500 Retained earnings 63,790 35,365 Total liabilities and equity $130.790 $100,365 Other information Sales $260,000 $222,000 Cost of goods sold 151,060 118.104 28,425 9,600 Net income Assume the growth in sales in 2020 is primarily from the contracting business. Calculate the gross margins and the profit margins. (Round answers to 1 decimal place, e.g. 15.1%.) - Gross margin Profit margin 2020 eTextbook and Media 2019 % 200 I % % % Current ratio Quick ratio 2020 eTextbook and Media times times 2019 times times Calculate the company's accounts receivable turnover ratio for 2020. How quickly is the company collecting its rece (Round answers to 1 decimal place, e.g. 18.4.) Accounts receivable turnover Average collection period 2020 times days Assume that 50% of the sales come from the contracting business and recalculate the accounts receivable turnover for 2020. (Round answers to 1 decimal place, e.g. 18.4.) 1 Accounts receivable - contracting turnover Average collection period eTextbook and Media 2020 times days Calculate the company's inventory turnover ratio for 2020. (Round answers to 1 decimal place, e.g. 18.4.) Inventory turnover 2020 times Inventory turnover 2020 eTextbook and Media times Calculate the company's accounts payable turnover ratio for 2020. (Round answers to 1 decimal pla 2020 Accounts payable turnover eTextbook and Media times