A B C D F G H 1 2 Condensed financial statements for Games Galore are summarized below: 3 4 Balance Sheet 2022 2021 5 Cash $185,000 $143,000 6 Accounts Receivable, Net 7 Inventory 80,000 59,000 104,000 134,000 8 Prepaid Insurance 9 Total Current Assets 11,900 5,880 380,900 341,880 10 Property and Equipment, Net 514,500 407,000 11 Total Assets $895,400 $748,880 $85,300 $96,800 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Contributed Capital 16 Retained Earnings 284,000 224,000 369,300 320,800 299,000 299,000 227,100 129,080 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: 32 Compute the following liquidity ratios for 2022. $3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 $129,100 Current ratio (rounded to one decimal place) 33 Round to the required number of decimal places using the Excel =ROUND function 34 35 Accounts receivable turnover (rounded to two decimal places) 36 Average collection period (rounded to the nearest whole day) 37 Inventory turnover (rounded to two decimal places) 38 Average days in inventory (rounded to the nearest whole day) 39 40 Compute the following Solvency Ratios for 2022. times days times days 41 Round to the required number of decimal places using the Excel-ROUND function 42 Debt to equity ratio ("%" format, rounded to one decimal place) 43 Times interest earned (rounded to one decimal place) times 44 45 Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel-ROUND function 47 Profit margin ratio ("%" format, rounded to one decimal place) 48 Gross margin ratio ("%" format, rounded to one decimal place) 49 50