please include excel formulas so i know how you arrived at answer

B37 . c $ 2016 185,000 S 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 $ $ 1 Condensed financial statements for Games Galore are summarized below 2 3 Balance Sheet a Cash 5 Accounts Receivable, Net o inventory 7 Prepaid Insurance Total Current Assets 9 Property and Equipment, Net 10 Total Assets 11 12 Current Liabilities 13 Long-term abilities Total abilities 15 Common Stock LS Retained Earning 17 Total Stockholders' Equity 19 Total abilities and Stockholders' Equity 10 20 Income Statement 21 Net Sales (all on account) 22 Cont of Goods Sold 23 Gross Prot 24 Operating Expenses 25 Operating income 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 55,300 5 284,000 369,300 299,000 227,100 526,100 895 400 S 96,800 224,000 320,800 299,000 129,050 425,050 748880 5 $ 3,031,000 1.949.000 1,082,000 891 400 190,600 14,500 176 100 47 000 S 129 100 3. Required: > Compute the following liquidity ratios for 2016. Round to the Sheet1 SET READY Attempts) 1/3 ncome Tax Expense let Income 47,000 129, 100 S 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) Receivables turnover (rounded to two decimal places) Average collection period Inventory turnover (rounded to two decimal places) Average days in inventory 4 Sto 1 43.61imes Hays times 9 days toi times 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (tx). 43 Debt to equity ratio trounded to one decimal place) Times interest earned frounded to one decimal place) 45 46 Compute the following profitability Ratios for 2016. Again, USE 47. THE EXCEL ROUND FUNCTION (fx). Net profit margin (rounded to one decimal place) Gross profit ratio (rounded to one decimal place) 50 51 percent percent Sheet1 READY Attempt(s) 1/3