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1Condensed financial statements for Games Galore are summarized below: 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 2015 185,000143,000 59,000 134,000 5,880 341,880 514,500 407,000 104,000 11,900 380,900 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Common Stock 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 S 85,300$ 96,800 224,000 320,800 299,000 129,080 428,080 S895,400 $748,880 284,000 369,300 299,000 227,100 526,100 s 3,031,000 1,949,000 1,082,000 2 2 a Exnenses Sheet1 .. 100% Hahclal statments for Games Galore are summarized below: 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 176,100 47000 $ 129,100 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 Average collection period 38 Inventory turnover (rounded to two decimal places) 39 Average days in inventory times days times days 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx) 43 Debt to equity ratio (rounded to one decimal place) 44 Times interest earned (rounded to one decimal place) 45 to 1 times 46 Compute the following Profitability Ratios for 2016. Again, USIE 47 THE EXCEL ROUND FUNCTION (fx) 48 Net profit margin (rounded to one decimal place) 49 Gross profit ratio (rounded to one decimal place) percent 32 Compute the following liquidity ratios for 2016. Round to the 33 required number of decimal places USING THE EXCEL. 4 ROUND FUNCTION (fx) 35 Current ratio (rounded to one decimal place) 36 Receivables turnover (rounded to two decimal places) 37 Average collection period 38 Inventory turnover (rounded to two decimal places) 39 Average days in inventory to 1 times 41 Compute the following Solvency Ratios for 2016. Again, USE 42 THE EXCEL ROUND FUNCTION (fx) 43 Debt to equity ratio (rounded to one decimal place) 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 Net profit margin (rounded to one decimal place) 49 Gross profit ratio (rounded to one decimal place) to 1 times percent percent 51 Sheeti