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 B9, 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 following 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 formula 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. O You skipped this question in the previous attempt. ? n 5- Calculate Select Ratios - Excel DATA REVIEW VIEW Sign In FILE HOME INSERT FORMULAS PAGE LAYOUT Calibri - 11 A A % Cells Paste Editing B I U Alignment Number Conditional Format as Cell Formatting Table Styles Styles Font 5 Clipboard A1 X fo Condensed financial statements for Games Galore are summarized below: . B C D $ 1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets 2016 185,000 $ 80,000 104,000 11,900 380,900 514,500 895,400 $ 2015 143,000 59,000 134,000 5,880 341,880 407,000 748,880 $ 11 $ 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Contributed Capital 85,300 $ 284,000 369,300 299 000 96,800 224,000 320,800 290 000 You skipped this question in the previous attempt. 104,000 11,900 380,900 514,500 895,400 $ 134,000 5,880 341,880 407,000 748,880 $ $ 6 Inventory 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets 11 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 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses Sheet1 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 1,082,000 891.400 + READY 100% Step 1 of 1 Previous Nex Cells highlighted in red have been filled automatically as they are partially attempted, left blank, incorrect responses (or attempts exhausted). Cells highlighted in green are the correct responses, O You skipped this question in the previous attempt. UIVOS LLLL IyVVVU 24 Operating Expenses 891,400 25 Income from Operations 190,600 26 Interest Expense 14,500 27 Income before Income Tax Expense 176,100 28 Income Tax Expense 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 (fx). 35 Current ratio (rounded to one decimal place) X =B9 to 1 36 times Receivables turnover (rounded to two decimal places) 37 Days to collect (rounded to the nearest whole day) days 38 times Inventory turnover (rounded to two decimal places) 39 Days to sell (rounded to the nearest whole day) days 40 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx). Sheet1 READY + 100% Step 1 of 1 Previous Nex Cells highlighted in red have been filled automatically as they are partially attempted, left blank, incorrect responses (or attempts exhausted). Cells highlighted in green are the correct responses. XXXXX to 1 XXXXX You skipped this question in the previous attempt. NVULLNATURVITIA) 35 Current ratio (rounded to one decimal place) X =B9 36 Receivables turnover (rounded to two decimal places) times 37 Days to collect (rounded to the nearest whole day) days 38 Inventory turnover (rounded to two decimal places) times 39 Days to sell (rounded to the nearest whole day) days 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) to 1 44 Times interest earned (rounded to one decimal place) times 45 46 Compute the following Profitability Ratios for 2016. Again, USE 47 THE EXCEL ROUND FUNCTION (fx). 48 Net profit margin (rounded to one decimal place) percent 49 Gross profit percentage (rounded to one decimal place) percent 50 XX XX 51 52 53 Sheet1 READY 100% Step 1 Of 1 Previous NEK Cells highlighted in red have been filled automatically as they are partially attempted, left blank, incorrect responses (or attempts exhausted), Cells highlighted in green are the correct responses