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2 Condensed financial statements for Games Galore are summarized below: 3 45 Balance Sheet Cash Accounts Receivable, Net 2022 2021 $185,000 $143,000 80,000 59,000
2 Condensed financial statements for Games Galore are summarized below: 3 45 Balance Sheet Cash Accounts Receivable, Net 2022 2021 $185,000 $143,000 80,000 59,000 6 7 Inventory 104,000 134,000 8 Prepaid Insurance 11,900 5,880 9 Total Current Assets 380,900 341,880 10 Property and Equipment, Net 514,500 407,000 11 Total Assets 12 Current Liabilities 13 Long-term Liabilities $895,400 $748,880 $85,300 $96,800 284,000 224,000 14 Total Liabilities 369,300 320,800 15 Contributed Capital 299,000 299,000 16 Retained Earnings 227,100 129,080 17 Total Stockholders' Equity 526,100 428,080 18 Total Liabilities and Stockholders' Equity $895,400 $748,880 19 Income Statement Net Sales (all on account) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Interest Expense Income before Income Tax Expense Income Tax Expense Net Income $3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 $129,100 Required: 2 Compute the following liquidity ratios for 2022. Round to the required number of decimal places using the Excel-ROUND function 3 4 Current ratio (rounded to one decimal place) 5 Accounts receivable turnover (rounded to two decimal places) 6 Days' sales uncollected (rounded to the nearest whole day) 7 Inventory turnover (rounded to two decimal places) 8 Days' sales in inventory (rounded to the nearest whole day) 9 0 Compute the following Solvency Ratios for 2022. 1 Round to the required number of decimal places using the Excel -ROUND function 2 Debt ratio ("%" format, rounded to one decimal place) 3 Times interest earned (rounded to one decimal place) 4 5 Compute the following Profitability Ratios for 2022. 16 Round to the required number of decimal places using the Excel-ROUND function 47 67696 49 50 Profit margin ratio ("%" format, rounded to one decimal place) Gross margin ratio ("%" format, rounded to one decimal place) 4.5 times days times days times
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