Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

WRITE OUT EXCEL FORMULAS AND PLEASE INCLUDE THE (FX) ROUND FORMULA IN THE CELLS. begin{tabular}{|r|lr|} hline 20 & & hline 21 & Income Statement

image text in transcribedimage text in transcribedimage text in transcribedWRITE OUT EXCEL FORMULAS AND PLEASE INCLUDE THE (FX) ROUND FORMULA IN THE CELLS.

image text in transcribed

\begin{tabular}{|r|lr|} \hline 20 & & \\ \hline 21 & Income Statement & $8,031,000 \\ \hline 22 & Cost of Goods Sold & 1,949,000 \\ \hline 23 & Gross Profit & 1,082,000 \\ 24 & Operating Expenses & 891,400 \\ \hline 25 & Income from Operations & 190,600 \\ 26 & Interest Expense & 14,500 \\ \hline 27 & Income before Income Tax Expense & 176,100 \\ 28 & Income Tax Expense & 47,000 \\ \hline 29 & Net Income & $8,100 \\ \hline 30 & & $129 \\ \hline \end{tabular} Required: Compute the following liquidity ratios for Year 3 . 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) Days to collect (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) Days to sell (rounded to the nearest whole day) \begin{tabular}{|l|l|} \hline & to 1 \\ \hline & times \\ days \\ dimes \\ thays \\ \hline \end{tabular} Compute the following Solvency Ratios for Year 3. Again, USE THE EXCEL ROUND FUNCTION (fx). Debt to assets (rounded to two decimal places) Times interest earned (rounded to one decimal place) \begin{tabular}{|l|l} \hline to 1 \\ \hline times \\ \hline \end{tabular} Compute the following Profitability Ratios for Year 3. Again, USE THE EXCEL ROUND FUNCTION (fx). Net profit margin (rounded to one decimal place) Gross profit percentage (rounded to one decimal place) \begin{tabular}{|r|r|} \hline 4.3 & percent \\ \hline 35.7 & percent \\ \hline \end{tabular} Calculating Select Ratios using Excel's ROUND and Basic Math Functions Games Galore has provided its condensed financial statements for the year ended December 31 , Year 3 . The Controller has asked you to calculate liquidity, solvency, and profitability ratios that management can use in 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. In the Excel Simulation below, if "=B9" is entered in a blank cell, the formula outputs the result from cell B9, which is $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). In the Excel Simulation below on the Balance Sheet tab, if " =C15+C16 " is entered in a blank cell, the formula adds the values from those cells and outputs the result, which is 428,080 in this example. If using the other math symbols, the result is an appropriate answer for the 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 using basic mathematical rounding rules, so anything below 5 rounds 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 rounds to the left of the decimal place, and a zero rounds to the nearest whole number. If the value 1,253.5693 is 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, enter "=ROUND(A1,2)" in a blank cell. The formula will output 1,253.57. If the number in cell A1 should be rounded to the nearest hundred place, enter "=ROUND(A1,-2) in a blank cell and the formula will output 1,300

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting

Authors: Robert N. Anthony, Leslie Pearlman Breitner

8th Edition

0130406716, 9780130406712

More Books

Students also viewed these Accounting questions

Question

=+c. Savings as the Star focus on price.

Answered: 1 week ago

Question

=+b. Product-Focused emphasize product features.

Answered: 1 week ago