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Ivanhoe Ltd. is a small restaurant and culinary business started four years ago by Barbara Jones. Initially the company's operations consisted of a small diner. In 2023, the company added online culinary lessons to expand sales. The online culinary events are sold to corporations that provide the lessons as performance incentives to their employees. As the culinary lessons side of the business grew in 2024, the company purchased a used vehicle to deliver meal kits to be used for the lessons. All sales in the diner are cash, debit, or credit card, but culinary lessons, which are sold to corporations, are invoiced after the event with payment due in 30 days. Most of the company's suppliers offer terms of 15 days. Selected financial information for Ivanhoe Ltd. follows.

Assets

Cash

Accounts receivable

Inventory

Land

Building and equipment

Total assets

Liabilities and equity

Accounts payable

Short-term note payable

Mortgage payable current

Mortgage payable

Share capital

Retained earnings

Total liabilities and equity

Other information

2024

$10.330

20.660

13.850

18.970

39.420

$103,230

$7.180

2.170

4430

30.570

14.890

43.990

$103.230

2023

$6.640

13.920

7.750

18.970

34.080

$81,360

$7.710

1.880

4.430

35 890

14,890

16.560

$81.360

$170,080

cost of goods sold

Net income

[21)

$7,180

2,170

4,430

30.570

14,890

43,990

$103,230

$211,500

84.530

27.430

$7.710

1,880

4,430

35,890

14,890

16,560

$81,360

$170.080

80.990

10,840

Assume the growth in sales in 2024 is primarily from the online lessons. Calculate the gross margins and the profit margins (Round answers to 1 decimal place, e.g. 15.1%.)

2024

2023

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