(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 $12,224 $4,495 Accounts receivable 19.673 13.050 Inventory 15,471 8,555 Land 21,000 21,000 Building and equipment 62,600 53,800 Total assets $130,968 $100,900 Liabilities and equity Accounts payable $13,200 $11,100 Short-term note payable 2,500 0 Mortgage payable current 3,400 3,400 Mortgage payable 30,600 34,000 Share capital 17,000 16,500 Retained earnings 64,268 35,900 Total liabilities and equity $130,968 $100,900 Other information Sales $265,000 $220,000 Cost of goods sold 155,025 117,920 Net income 28,368 9,600 Your answer is partially correct. Assume the growth in sales in 2020 is primarily from the contracting business. Calculate t (Round answers to 1 decimal place, e.g. 15.1%.) Gross margin Profit margin 2020 41.5 % % de 2019 46.4 % % Calculate the company's accounts receivable turnover ratio for 2020. How quickly is the company collecting its receivables? (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.) Accounts receivable- contracting turnover Average collection period 2020 times days Calculate the company's inventory turnover ratio for 2020. (Round answers to 1 decimal place, e.g. 18.4.) 2020 Inventory turnover times Calculate the company's accounts payable turnover ratio for 2020. (Round answers to 1 decimal place, e.g. 18.4.) Accounts payable turnover 2020 times