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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 30 31 Required: 32 Compute the following liquidity ratios for 2016 . Round to the \begin{tabular}{|r|r|} \hline$3,031,000 \\ 1,949,000 \\ \hline 1,082,000 \\ 891,400 \\ \hline 190,600 \\ 14,500 \\ \hline 176,100 \\ \hline 47,000 \\ \hline 129,100 \\ \hline \end{tabular} 1. Use ratios to analyze a company's liquidity and solvency. 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) 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) \begin{tabular}{|l|l|} \hline & to1timesdaystimesdays \\ \hline \end{tabular} 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) 44 Times interest earned (rounded to one decimal place) to 1 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) 51 READY