Income Statement Net Sales (all on account) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Interest Expense Income before Income Tax Expense Income Tax Expense Net Income $3,031,0001,949,0001,082,000891,400190,60014,500176,10047,000$129,100 A B C Condensed financial statements for Games Galore are summarized below: Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Insurance Total Current Assets Property and Equipment, Net Total Assets Current Liabilities Long-term Liabilities Total Liabilities Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{rr} 2022 & 2021 \\ & $143,000 \\ 80,000 & 59,000 \\ 104,000 & 134,000 \\ 11,900 & 5,880 \\ \hline 380,900 & 341,880 \\ 514,500 & 407,000 \\ \hline$895,400 & $748,880 \\ \hline \hline 85,300 & $96,800 \\ 284,000 & 224,000 \\ \hline 369,300 & 320,800 \\ \hline 299,000 & 299,000 \\ 227,100 & 129,080 \\ \hline 526,100 & 428,080 \\ \hline$895,400 & $748,880 \\ \hline \hline \end{tabular} Compute the following liquidity ratios for 2022. Round to the required number of decimal places using the Excel =ROUND function Current ratio (rounded to one decimal place) Accounts receivable turnover (rounded to two decimal places) Average collection period (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) Average days in inventory (rounded to the nearest whole day) \begin{tabular}{|l|l|} times \\ days \\ times \\ days \\ \hlineP \end{tabular} Compute the following Solvency Ratios for 2022. Round to the required number of decimal places using the Excel=ROUND function Debt to equity ratio ("\%" format, rounded to one decimal place) Times interest earned (rounded to one decimal place) Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel =ROUND function Profit margin ratio ("\%" format, rounded to one decimal place) 48 Gross margin ratio ("\%" format, rounded to one decimal place) 49