1. Use ratios to analyze a company's liquidity and solvency. Calculate Select Ratios - Excel - 5 X FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 - A" A Paste BIU- Alignment Number Conditional Format as Cell Cells Formatting " Table- Styles - Clipboard Fant Styles 836 X =ROUND(B21/[(85+C5)/2),2) B C D Condensed financial statements for Games Galore are summarized below: lalance Sheet 2016 2015 Cash S 185,000 5 143,000 Accounts Receivable, Net 80,000 59,000 ch nventory 104,000 134,000 7 'repaid Insurance 11,900 5,880 Total Current Assets 380,900 341,880 9 'roperty and Equipment, Net 514,500 407,000 10 Total Assets S 895,400 S 748,880 11 12 Current Liabilities S 85,300 S 96,800 13 ong-term Liabilities 284,000 224,000 14 Total Liabilities 369,300 320,800 15 Contributed Capital 299,000 299,000 16 letained Earnings 227,100 129,080 17 Total Stockholders' Equity 526,100 428,080 18 Total Liabilities and Stockholders' Equity S 895,400 5 748,88012 Current Liabilities in 85,300 96,800 13 ong-term Liabilities 284.000 224,000 14 Total Liabilities 369,300 320,800 15 Contributed Capital 299,000 299,000 16 letained Earnings 227,100 129,080 17 Total Stockholders' Equity 526,100 428,080 Total Liabilities and Stockholders Equity S 895.400 S 748,880 19 20 ncome Statement 21 let Sales (all on account] S 3,031,000 27 lost of Goods Sold 1,949,000 23 Gross Profit 1,082,000 24 Operating Expenses 891,400 25 ncome from Operations 190,500 26 nterest Expense 14.500 27 ncome before Income Tax Expense 176,100 28 ncome Tax Expense 47,000 29 let Income S 129,100 30