(Ratio analysis over time) The following information comes from the accounting records of Hercep Ltd, for the first three years of its existence: 2018 2019 2020 Statement of Financial Position Assets Cash Accounts receivable Inventory Capital assets (net) Other assets $23,800 67,400 120,000 433,000 234.000 $878,200 $20,500 56,000 130,000 469,000 204,000 $879,500 $26,100 146,000 221,000 512,000 266,500 $1,171,600 Liabilities and equity Accounts payable Long-term debt Common ghares Retained earnings $110,000 206,000 514,000 48,200 $878,200 $55,000 256,000 514,000 54,500 $879.500 $110,000 512,000 514.000 35,600 $1,171,600 Statement of Earnings Sales Cost of goods sold Other expenses $625,000 (343,750) (162,000) 119,250 (35,775) $83,475 $845,000 (566,150) (230,000) 48,850 (14,655) $34,195 $895,000 (635,450) (228,000) 31,550 (9.465) $22,085 Income tax Net income Based on above information, analyze the changes in the company's profitability and liquidity, in addition to the management of accounts receivable and inventory from 2018 to 2020. (Round answers to 1 decimal place, eg 12.5% or 13.5.) 2018 2019 2020 Sales 96 Cost of goods sold % 96 SR 96 Gross margin Other expenses Income taxes % % Net income % % 2018 2019 Current Ratio 1 :1 Quick Ratio : 1 A/R Turnover times times Average Collection Period days days Inventory Turnover times times 1 Days to Sell Inventory days days 2018 2019 2020 1 :1 :1 : 1 times times times Period days days days times times times ory days days days