*ALL ANSWERS MUST BE ANSWERED WITH EXCEL FORMULAS USING THE "EXCEL ROUND FUNCTION (fx)." ALL I WANT ARE THE "FORMULAS/FUNCTIONS" TO ENTER INTO THE BOXES. *FUNCTIONS ONLY*

1 Condensed financial statements for Games Galore are summarized below: 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Invento 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets 2016 2015 $ 185,000$143,000 59,000 134,000 5,880 341,880 407,000 $895,400 $748,880 80,000 104,000 11,900 380,900 514,500 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Common Stock 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 $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 1,082,000 190,600 14,500 176,100 47,000 S 129,100 25 Operating Income 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 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 Average collection period 38 Inventory turnover (rounded to two decimal places) 3 Average days in inventory 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). 43Debt to equity ratio (rounded to one decimal place] 44Times interest earned (rounded to one decimal place) 45 46 Compute the following Profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). 48Net profit margin (rounded to one decimal place) 49 Gross profit ratio (rounded to one decimal place) 50 times days times days to 1 times percent percent Sheet1 READY Attempt(s) 3/3 Step: This is Current Assets divided by Current Liabilities. The ROUND function arguments are (formula, number of +68% digits)