(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 $19,600 $26,600 68,000 53,500 149,500 100,000 141,000 234,000 434,000 451,000 520,000 230,000 213,000 266,100 $854,100 $878,100 $1,196,200 Liabilities and equity Accounts payable Long-term debt Common shares Retained earnings $102,000 $51.000 $102,000 210,000 260.000 520,000 513,000 513,000 513,000 29.100 54,100 61,200 $854,100 $878,100 $1,196,200 Statement of Earnings Sales Cost of goods sold Other expenses $695,000 $765,000 (437,850) (504,900) (165,000) (235,000) 92,150 25,100 (27,645) (7.530) $64.505 $17.570 $935,000 (673,200) (233,000) 28,800 (8,640) $20.160 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, 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 Quick Ratio :1 1 A/R Turnover times times days days Average Collection Period Inventory Turnover times times Days to Sell Inventory days days e Textbook and Media 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 % % %