(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 $22,100 68,000 100,000 434,000 230,000 $854,100 $19,600 53,500 141,000 451,000 213,000 $878,100 $26,600 149,500 234,000 520,000 266,100 $1,196,200 Liabilities and equity Accounts payable Long-term debt Common shares Retained earnings $102,000 210,000 513,000 29,100 $854,100 $51,000 260,000 513,000 54,100 $878,100 $102,000 520,000 513,000 61,200 $1,196,200 Statement of Earnings Sales Cost of goods sold Other expenses $695,000 (437,850) (165,000) 92,150 (27,645) $64,505 $765,000 (504,900) (235,000) 25,100 (7,530) $17,570 $935,000 (673,200) (233,000) 28,800 (8,640) $20,160 Income tax Net income 2018 2019 Current Ratio 1 Quick Ratio : 1 :1 times times A/R Turnover Average Collection Period days days Inventory Turnover times times Days to Sell Inventory days days 2019 2020 :1 :1 times times days days times times days days Based on the above information, analyze the company's use of leverage from 2018 to 2020. (Round answers to 1 decimal place, eg. 15.1%.) 2018 2019 2020 % % % Debt to Equity Return on Assets % % % Return on Equity % % %