A1 X for Condensed financial statements for Games Galore are summarized below: B D 1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet 4 Cash $ 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets 2016 185,000 $ 80,000 104,000 11.900 380,900 514,500 895 400 S 2015 143,000 59,000 134,000 5,880 341,880 407.000 748,880 $ 11 $ 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Contributed Capital 16 Retained Earnings 17 Total Stockholders' Equity 18 Total Liabilities and Stockholders' Equity 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses 85.300 $ 284.000 369 300 299,000 227,100 526,100 895.400 $ 96,800 224,000 320,800 299.000 129,080 428,080 748.880 $ $ 3,031,000 1.949.000 1,082,000 89L400 . IOW A D B 891,400 190,600 14,500 176,100 47.000 129.100 $ -4 Operating Expenses 5 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 2016. Round to the 33 required number of decimal places USING THE EXCEL. 34 ROUND FUNCTION (fx). 35 Current ratio (rounded to one decimal place) 36 Receivables turnover (rounded to two decimal places) 37 Days to collect (rounded to the nearest whole day) 38 Inventory turnover (rounded to two decimal places) 39 Days' sales in inventory (rounded to the nearest day) 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). 43 Debt to assets (rounded to two decimal places) 44 Times interest earned (rounded to one decimal place) 45 46 Compute the following Profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). Sheet1 to 1 times days times days to! times A B 36 32 Compute the following liquidity ratios for 2016. Round to the 33 required number of decimal places USING THE EXCEL. 34 ROUND FUNCTION (fx). 35 Current ratio (rounded to one decimal place) Receivables turnover (rounded to two decimal places) 37 Days to collect (rounded to the nearest whole day) | 38 Inventory turnover (rounded to two decimal places) 39 Days' sales in inventory (rounded to the nearest day) 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). Debt to assets (rounded to two decimal places) Times interest earned (rounded to one decimal place) to 1 times days times days 43 44 45 to 1 times 46 Compute the following Profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). Profit margin ratio (rounded to one decimal place) 49 Gross margin ratio (rounded to one decimal place) 48 50 51 percent percent
