Use the following information to answer question 15 - 17

Kiwi Limited. manufactures and sells kiwiana items to retail outlets throughout New Zealand. Kiwi Limited was listed on the New Zealand Stock Exchange in late 2018. The following data has been calculated from its financial statements.

	2018	2019	Industry Average (2019)
Gross Profit Margin	31%	33%	35%
Net Profit Margin	8%	9%	8%
Return on Assets	12%	11%	12%
Current Ratio	2.1x	2.4x	2 times
Quick Ratio	1.0x	0.8x	1.1 times
Days debtors (days)	49	43	46
Days inventory (days)	75 days	95 days	60 days
Gearing Ratio	25%	15%	50%
Interest coverage ratio	6x	8x	4 times

a. Explain what is causing the Return on Assets of Kiwi Ltd. to decline compared to the previous year and the industry average. (Word limit: maximum of 70 words)

b. Which ratio from the "Kiwi Limited. information" focus on liquidity (short term survival)?

c. What is the most likely reason that the current ratio is increasing while the quick ratio is decreasing? Explain your answer. (Word limit: maximum of 130 words)