Games Galore has provided its condensed financial statements for the year ended December 31, 2016. The Controller has asked you to calculate liquidity, solvency, and profitability ratios that management can use decision making. Use the Information included in the Excel Simulation and the Excel functions described below to complete the task. Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, "-B9" was entered, the formula would output the result from cell 89, or $514,500 In this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the followlng keys: + (plus sign to add), - (minus sign to subtract), " (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below on the Balance Sheet tab, if in a blank cell C15+C16" was entered, the formula would add the values from those cells and output the result, or 428,080 in this example. If using the other math symbols the result would output an appropriate answer for its function. ROUND function: Allows you to round a number or result of a formula calculation to a specific number of digits. The syntax of the ROUND function is "-ROUND(number,num_digits)" and returns the result of your formula rounded to a particular number of digits. The number argument can be a cell reference to a number or a formuta itself that results in a number. The num_digits argument is the number of digits you want to round. The num_digits value rounds based on basis mathematical rounding rules, where anything below 5 will round down and anything 5 and above rounds up. Also, the num_digits value should be a positive value to round to any number of decimal places, while a negative value would round to the left of the decimal place, and a zero would round to the nearest whole number. If the value 1,253.5693 was entered in cell A1, It can be used in the ROUND function as the number reference. In this example, if the value in cell A1 should be rounded to 2 decimal places, in a new cell the function would be written as "-ROUND(A1,2)" and would result in as 1,253.57 In this example. If the number in cell A1 should be rounded to the nearest hundred place, in a new cell the function would be written as "ROUND(A1,-2) and would result in 1,300 in this example. HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A A Paste BIU- AAlignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Clipboard Font Styles A2 B. 1 Condensed financial statements for Games Galore are summarized below: 2. 3 Balance Sheet 2016 2015 4 Cash 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 185,000 S 80,000 143,000 59,000 104,000 134,000 11,900 5,880 341,880 8. Total Current Assets 380,900 9 Property and Equipment, Net Total Assets 514,500 407,000 10 895,400 S 748,880 11 12 Current Liabilities 13 Long-term Liabilities 85,300 S 96,800 284,000 369,300 224,000 Total Liabilities 15 Contributed Capital 16 Retained Earnings Total Stockholders' Equity 14 320,800 299,000 129,080 428,080 748,880 299,000 227,100 17 526,100 18 Total Liabilities and Stockholders' Equity 895 400 S 19 20 Income Statement 21 Net Sales (all on account) S 3,031,000 22 Cost of Goods Sold 1,949,000 23 Gross Profit 24 Operating Expenses 1,082,000 891.400 Sheet1 READY Formatting Table Styles Clipboard Font Styles A2 fe B 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 $ 3,031,000 1.949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 29 Net Income 129,100 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 (Ix). Current ratio (rounded to one decimal place) Receivables turnover (rounded to two decimal places) Days to collect (rounded to the nearest whole day) 38 Inventory turnover (rounded to two decimal places) Days to sell (rounded to the nearest whole day) 35 to 1 times 36 37 days times days 39 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (x), Debt to assets (rounded to two decimal places) 43 to 1 Sheeti KI READY 100% Attempt(s) Formatting Table Styles Clipboard Font Styles A2 B D 32 Compute the following liquidity ratios for 2016. Round to the 33 required number of decimal places USING THE EXCEL. 34 ROUND FUNCTION (Ix). Current ratio (rounded to one decimal place) to 1 35 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) Days to sell (rounded to the nearest whole day) times days times days 36 39 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (x). Debt to assets (rounded to two decimal places) Times interest earned (rounded to one decimal place) to 1 times 43 44 ces 45 46 Compute the following Profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). Net profit margin (rounded to one decimal place) Gross profit percentage (rounded to one decimal place) 48 percent 49 percent 50 51 52 53 Sheeti READY 100% Attempt(s)