(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 $23,400 $19,800 $27,200 Accounts receivable 67,200 58,000 144,500 Inventory 114,000 145,000 236,000 Capital assets (net) 433,000 451,000 512.000 Other assets 235,000 212,000 267,600 $872,600 $885,800 $1,187,300 Liabilities and equity Accounts payable $109,000 $54,500 $109,000 Long-term debt 206,000 256,000 512,000 Common shares 523,000 523,000 523,000 Retained earnings 34,600 52,300 43,300 $872,600 $885,800 $1,187,300 Statement of Earnings Sales $600,000 $840,000 $925,000 Cost of goods sold (336,000) (571,200) (693,750) Other expenses (166,000) (225,000) (223,000) 98,000 43,800 8,250 Income tax (29,400) (13,140) (2,475) Net income $68,600 $30,660 $5,775 (a1) 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, e.g. 13.5% or 13.5.) 2018 2019 2020 Sales % % % Cost of goods sold % % % Gross margin % % % Other expenses % % % Income taxes % % % Net income % % % 2018 2019 202 Current Ratio :1 :1 Quick Ratio :1 :1 A/R Turnover times times Average Collection Period days days Inventory Turnover times times Days to Sell Inventory days days