(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		$23,100		$19,400		$25,000
Accounts receivable		68,200		56,000		142,500
Inventory		107,000		147,000		236,000
Capital assets (net)		431,000		454,000		520,000
Other assets		239,000		215,000		268,500
		$868,300		$891,400		$1,192,000
Liabilities and equity
Accounts payable		$113,000		$56,500		$113,000
Long-term debt		210,000		260,000		520,000
Common shares		515,000		515,000		515,000
Retained earnings		30,300		59,900		44,000
		$868,300		$891,400		$1,192,000
Statement of Earnings
Sales		$650,000		$765,000		$935,000
Cost of goods sold		(416,000)		(504,900)		(654,500)
Other expenses		(160,000)		(234,000)		(232,000)
		74,000		26,100		48,500
Income tax		(22,200)		(7,830)		(14,550)
Net income		$51,800		$18,270		$33,950

Based on above information, analyze the changes in the companys 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			2020
Current Ratio			: 1			: 1			: 1
Quick Ratio			: 1			: 1			: 1
A/R Turnover			times			times			times
Average Collection Period			days			days			days
Inventory Turnover			times			times			times
Days to Sell Inventory			days			days			days

Based on the above information, analyze the companys use of leverage from 2018 to 2020. (Round answers to 1 decimal place, e.g. 15.1%.)

		2018		2019		2020
Debt to Equity		%		%		%
Return on Assets		%		%		%
Return on Equity		%		%		%