answer with Excel formulas
A1 Condensed tinancial statements for Games Galore are summarized below: C D $ 2016 185,000 S 80,000 104,000 11,900 380,900 514,500 895,40025 2015 143,000 59,000 134,000 5,880 341.880 407,000 748,880 5 A 1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet Cash 5 Accounts Receivable, Net 6nventory Prepaid insurance Total Current Assets Property and Equipment, Net 10 Total Assets 11 12 Current Liabilities 1 long term Liabilities 10 Total abilities 15 Contributed Capital 10 tined Earnings 12 Total Stockholders Equity 11 Total Liabilities and Stockholders' Equity 19 30 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 20 Gross Proth Inertine Expen S 85,300S 284,000 369,300 299.000 227 100 526,100 895.400 S 96,800 224,000 320,800 299,000 129,00 428,080 748.880 S S1031.000 1.049,000 1,082,000 ROAD 100 OR Al Condensed financial statements for Games Galore are summarized below: B C D 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47.000 129,100 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses 25 Income from Operations 26 Interest Expense 27 Income before Income Tax Expense 25 Income Tax Expense 29 Net Income 30 31 Required: 12 Compute the following liquidity ratios for 2016. Round to the 39 required number of decimal places USING THE EXCEL 34 ROUND FUNCTION (fx). Current ratio (rounded to one decimal place) Receivables turnover (rounded to two decimal places) 2 Days to collect (rounded to the nearest whole day! 38 Inventory turnover (rounded to two decimal places) Days' sales in inwentory rounded to the nearest day) 41 Compute the following Solvency Ration for 2016. Again, USE 13 THE EXCEL ROUND FUNCTION (6) Debt to assets (rounded to two decimal places) Times interest rated rounded to one decimal place) to 1 times days times Idays to 1 times Sheet READY Attempts A Required: Compute the following liquidity ratios for 2016. Round to the required number of decimal places USING THE EXCEL ROUND FUNCTION (fx). Current ratio (rounded to one decimal place) 3 Receivables turnover (rounded to two decimal places) 7 Days to collect (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) 39 Days' sales in inventory (rounded to the nearest day) 5 to 1 times days times days 58 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) Times interest earned (rounded to one decimal place) to 1 times 45 46 Compute the following profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). Profit margin ratio (rounded to one decimal place) Gross margin ratio (rounded to one decimal place) percent percent 51 Sheet1 READY
