(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 $23,300 $19,700 50,000 Cash $27,100 Accounts receivable 67,200 144,500 Inventory 115,000 136,000 227,000 484,000 Capital assets (net) 432,000 459,000 Other assets 238,000 204,000 268,600 $875,500 $868,700 $1,151,200 Liabilities and equity Accounts payable $101,000 $50,500 $101,000 192,000 242,000 484,000 Long-term debt 521,000 Common shares 521,000 521,000 Retained earnings 61,500 55,200 45,200 $875,500 $868,700 $1,151,200 Statement of Earnings Sales $620,000 $770,000 $970,000 (679,000) Cost of goods sold (372,000) (523,600) Other expenses (161,000) (220,000) 26,400 (218,000) 87,000 73,000 Income tax (26,100) (7,920) (21,900) $60,900 $18,480 $51,100 Net income (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 % Assignment technical 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