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 $22,100 $19,600 $26,600 Accounts receivable 68,000 53,500 149,500 Inventory 100,000 141,000 234,000 Capital assets (net) 434,000 451,000 520,000 Other assets 230,000 213,000 266,100 $854,100 $878,100 $1,196,200 Liabilities and equity Accounts payable $102,000 $51,000 $102,000 Long-term debt 210,000 260,000 520,000 Common shares 513,000 513,000 513,000 Retained earnings 29,100 54,100 61,200 $854,100 $878,100 $1,196,200 Statement of Earnings Sales $695,000 $765,000 $935,000 Cost of goods sold (437,850) (504,900) (673,200) Other expenses (165,000) (235,000) (233,000) 92,150 25,100 28,800 Income tax (27,645) (7,530) (8,640) Net income $64,505 $17,570 $20,160 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, eg. 13.5% or 13.5.) 2018 2019 2020 Sales % % Cost of goods sold % Gross margin % % % Other expenses % Income taxes % % Net income %