Condensed financial statements for Games Galore are summarized below: Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Insurance 2016 2015 $ 185,000 $ 143,000 80,000 59,000 104,000 134,000 11,900 5,880 Total Current Assets 380,900 341,880 Property and Equipment, Net 514,500 407,000 Total Assets $ 895,400 $ 748,880 Current Liabilities $ 85,300 $ 96,800 Long-term Liabilities Total Liabilities Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Income Statement Net Sales (all on account) Cost of Goods Sold Gross Profit Operating Expenses 284,000 224,000 369,300 320,800 299,000 299,000 227,100 129,080 526,100 428,080 $ 895,400 $ 748,880 $ 3,031,000 1,949,000 1,082,000 891.400 K = Calculate Select Ratios - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA ? REVIEW VIEW Paste Clipboard Calibri BIU 11 ' ' % A 4 Alignment Number Conditional Format as Cell Formatting Cells Editing F| Font F| Table Styles Styles - Sign In D A1 24 Operating Expenses 25 Income from Operations 26 Interest Expense fx A 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 30 31 Required: Condensed financial statements for Games Galore are summarized below: 32 Compute the following liquidity ratios for 2016. Round to the 33 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) Days to collect (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) 35 36 37 38 39 Days' sales in inventory (rounded to the nearest day) 40 B C 891,400 190,600 14,500 176,100 47,000 $ 129,100 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). to 1 times days times days 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). ... READY Attempt(s) Sheet1 to 1 times + Hint + 100% Show Me Calculate Select Ratios - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS Paste Calibri 11 ' ' % BIU Clipboard A1 FI Font DATA REVIEW VIEW Alignment Number Conditional Format as Cell Cells Formatting Table Styles Editing I Sign In Styles fx Condensed financial statements for Games Galore are summarized below: v B 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 36 37 38 39 40 Current ratio (rounded to one decimal place) Receivables turnover (rounded to two decimal places) Days to collect (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) Days' sales in inventory (rounded to the nearest day) 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). to 1 times days times days 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). 48 Profit margin ratio (rounded to one decimal place) 49 Gross margin ratio (rounded to one decimal place) 50 51 52 53 Sheet1 to 1 times percent percent D