ALL ANSWERS MUST BE ENTERED AS A FORMULA! I'm going to thumbs down if it is not.

1. Use ratios to analyze a company's liquidity and solvency. ANSWER WITH EXCEL FORMULA

PLEASE BOLD OR UNDERLINE ANSWERS THANK YOU!

1 Condensed financial statements for Games Galore are summarized below 16 2015 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7Prepaid Insurance 8 Total Current Assets 9Property and Equipment, Net 10 Total Assets $ 185,000 143,000 59,000 134,000 5,880 341,880 407,000 $ 895400 $ 748,880 80,000 104,000 11,900 380,900 514,500 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 $85,300 S96,800 224,000 320,800 299,000 129,080 428,080 $ 895400 748,880 284,000 369,300 299,000 227,100 526,100 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 $ 3,031,000 1,949,000 1,082,000 891 400 190,600 14,500 176,100 47,000 $129,100 Sheet1 1 READY +30% Attemptts) Show Me 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) 35Current 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) 43Debt to assets (rounded to two decimal places) 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) 48 Profit margin ratio (rounded to one decimal place) 49Gross margin ratio (rounded to one decimal place) 50 51 52 53 to days times days to percent percent 1 Condensed financial statements for Games Galore are summarized below 16 2015 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7Prepaid Insurance 8 Total Current Assets 9Property and Equipment, Net 10 Total Assets $ 185,000 143,000 59,000 134,000 5,880 341,880 407,000 $ 895400 $ 748,880 80,000 104,000 11,900 380,900 514,500 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 $85,300 S96,800 224,000 320,800 299,000 129,080 428,080 $ 895400 748,880 284,000 369,300 299,000 227,100 526,100 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 $ 3,031,000 1,949,000 1,082,000 891 400 190,600 14,500 176,100 47,000 $129,100 Sheet1 1 READY +30% Attemptts) Show Me 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) 35Current 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) 43Debt to assets (rounded to two decimal places) 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) 48 Profit margin ratio (rounded to one decimal place) 49Gross margin ratio (rounded to one decimal place) 50 51 52 53 to days times days to percent percent