Answer Happy

1 2 3 5 6 7 Inventory 8 Prepaid Insurance 9 Total Current Assets 10 Property and Equipment, Net 11 Total Assets 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities Condensed financial statements for Games Galore are summarized below: Balance Sheet Cash 15 Contributed Capital 16 Retained Earnings 17 28 29 Accounts Receivable, Net 18 19 20 Income Statement 21 22 38 39 23 Gross Profit 24 Operating Expenses 25 Income from Operations 26 Interest Expense 27 Income before Income Tax Expense Income Tax Expense Net Income 43 44 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 48 49 50 A Net Sales (all on account) Cost of Goods Sold 8 2022 2021 $185,000 $143,000 80,000 59,000 104,000 134,000 11,900 5,880 380,900 341,880 514,500 407,000 $895,400 $748,880 $85,300 $96,800 284,000 224,000 369,300 320,800 299,000 299,000 227,100 129,080 526,100 428,080 $895,400 $748,880 30 31 Required: 32 Compute the following liquidity ratios for 2022. 33 Round to the required number of decimal places using the Excel-ROUND function 34 Current ratio (rounded to one decimal place) 35 Accounts receivable turnover (rounded to two decimal places) 36 Average collection period (rounded to the nearest whole day) 37 Inventory turnover (rounded to two decimal places) Average days in inventory (rounded to the nearest whole day) $3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 $129,100 40 Compute the following Solvency Ratios for 2022. 41 Round to the required number of decimal places using the Excel-ROUND function 42 Debt to equity ratio ("%" format, rounded to one decimal place) Times interest earned (rounded to one decimal place) 45 Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel-ROUND function 47 Profit margin ratio ("%" format, rounded to one decimal place) Grass margin ratio ("%" format, rounded to one decimal place) times days times days times F G H I