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(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 companys 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 companys suppliers offer terms of 30 days. Selected financial information for Superior Kitchens and Bathrooms Ltd. follows.

		2020		2019
Assets
Cash		$11,970		$4,544
Accounts receivable		19,570		13,064
Inventory		15,390		8,520
Land		20,800		20,800
Building and equipment		62,400		53,400
Total assets		$130,130		$100,328
Liabilities and equity
Accounts payable		$13,300		$11,100
Short-term note payable		2,600		0
Mortgage payable current		3,100		3,100
Mortgage payable		27,900		31,000
Share capital		17,000		16,300
Retained earnings		66,230		38,828
Total liabilities and equity		$130,130		$100,328
Other information
Sales		$261,000		$220,000
Cost of goods sold		151,119		117,920
Net income		27,402		9,700

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%.)

		2020		2019
Gross margin		Enter percentages rounded to 1 decimal place. %		Enter percentages rounded to 1 decimal place. %
Profit margin		Enter percentages rounded to 1 decimal place. %		Enter percentages rounded to 1 decimal place. %

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Calculate the companys current ratio and quick ratio for both years. (Round answers to 2 decimal places, e.g. 1.84.)

		2020		2019
Current ratio		Enter a number of times rounded to 2 decimal places. times		Enter a number of times rounded to 2 decimal places. times
Quick ratio		Enter a number of times rounded to 2 decimal places. times		Enter a number of times rounded to 2 decimal places. times

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Calculate the companys accounts receivable turnover ratio for 2020. How quickly is the company collecting its receivables? (Round answers to 1 decimal place, e.g. 18.4.)

		2020
Accounts receivable turnover		Enter a number of times rounded to 1 decimal place. times
Average collection period		Enter a number of days rounded to 1 decimal place. days

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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.)

		2020
Accounts receivable - contracting turnover		Enter a number of times rounded to 1 decimal place. times
Average collection period		Enter a number of days rounded to 1 decimal place. days

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Calculate the companys inventory turnover ratio for 2020. (Round answers to 1 decimal place, e.g. 18.4.)

		2020
Inventory turnover		Enter a number of times rounded to 1 decimal place. times

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Calculate the companys accounts payable turnover ratio for 2020. (Round answers to 1 decimal place, e.g. 18.4.)

		2020
Accounts payable turnover		Enter a number of times rounded to 1 decimal place. times