2 Condensed financial statements for Games Galore are summarized below: 1 B 3 4 Balance Sheet 5 Cash 2022 2021 $185,000 $143,000 6 Accounts Receivable, Net 7 Inventory 8 Prepaid Insurance 9 Total Current Assets 10 Property and Equipment, Net 80,000 59,000 104,000 134,000 11,900 5,880 380,900 341,880 514,500 407,000 11 Total Assets $895,400 $748,880 12 Current Liabilities 13 Long-term Liabilities $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 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses 25 Income from Operations 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 30 31 Required: $3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 $129,100 32 Compute the following liquidity ratios for 2022. 33 Round to the required number of decimal places using the Excel =ROUND function 34 Current ratio (rounded to one decimal place) 35 Accounts receivable turnover (rounded to two decimal places) times 36 Days' sales uncollected (rounded to the nearest whole day) days 37 Inventory turnover (rounded to two decimal places) times 38 Davs' sales in inventory (rounded to the nearest whole day) Idavs Graded Worksheet Calculation Mode: Automatic Workbook Statistics D