Reference cells, instead of entering values.Example: =B3+C3 24 Operating Expenses25 Income from Operations26 Interest Expense27 Income before Income Tax Expense28 Income Tax ExpenseNet Income353637383940414243444546474819B293031 Required:32 Compute the following liquidity ratios for 2022.33 Round to the required number of decimal places using the Excel =ROUND function34Current ratio (rounded to one decimal place)Accounts receivable turnover (rounded to two decimal places)Days' sales uncollected (rounded to the nearest whole day)Inventory turnover (rounded to two decimal places)Days' sales in inventory (rounded to the nearest whole day)891,400190,60014,500176,10047,000$129,100Compute the following Solvency Ratios for 2022.Round to the required number of decimal places using the Excel =ROUND functionDebt to equity ratio ("%" format, rounded to one decimal place).Times interest earned (rounded to one decimal place)<|Compute the following Profitability Ratios for 2022.Round to the required number of decimal places using the Excel =ROUND functionProfit margin ratio ("%" format, rounded to one decimal place)Gross margin ratio ("%" format, rounded to one decimal place)CtimesdaystimesdaystimesDF 1234 Balance Sheet5Cash6 Accounts Receivable, Net7 Inventory8Prepaid Insurance9Total Current Assets10Property and Equipment, Net11Total Assets12 Current Liabilities131415Contributed Capital16 Retained Earnings17181920212223 Gross Profit24 Operating Expenses25Condensed financial statements for Games Galore are summarized below:Long-term LiabilitiesTotal LiabilitiesTotal Stockholders' EquityTotal Liabilities and Stockholders' EquityIncome StatementNet Sales (all on account)Cost of Goods SoldIncome from OperationsETBC20222021$185,000 $143,00080,000 59,000104,000 134,00011,9005,880380,900 341,880514,500 407,000$895,400 $748,880$85,300 $96,800284,000 224,000369,300 320,800299,000 299,000227,100 129,080526,100 428,080$895,400 $748,880$3,031,0001,949,0001,082,000891,400190,600DF

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A Current ratio (rounded to one decimal place) Accounts receivable turnover (rounded to two decimal places) Days' sales uncollected (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) Days' sales in inventory (rounded to the nearest whole day) 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 2022. 33 Round to the required number of decimal places using the Excel =ROUND function 34 35 36 37 38 39 40 Compute the following Solvency Ratios for 2022. 41 Round to the required number of decimal places using the Excel =ROUND function 42 43 44 45 Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel =ROUND function Profit margin ratio ("%" format, rounded to one decimal place) 47 48 Gross margin ratio ("%" format, rounded to one decimal place) 19 B Debt to equity ratio ("%" format, rounded to one decimal place). Times interest earned (rounded to one decimal place) 891,400 190,600 14,500 176,100 47,000 $129,100 C times days times days times D F

A Current ratio (rounded to one decimal place) Accounts receivable turnover (rounded to two decimal places) Days' sales uncollected (rounded to the nearest whole day) Inventory turnover (rounded to two decimal places) Days' sales in inventory (rounded to the nearest whole day) 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 2022. 33 Round to the required number of decimal places using the Excel =ROUND function 34 35 36 37 38 39 40 Compute the following Solvency Ratios for 2022. 41 Round to the required number of decimal places using the Excel =ROUND function 42 43 44 45 Compute the following Profitability Ratios for 2022. 46 Round to the required number of decimal places using the Excel =ROUND function Profit margin ratio ("%" format, rounded to one decimal place) 47 48 Gross margin ratio ("%" format, rounded to one decimal place) 19 B Debt to equity ratio ("%" format, rounded to one decimal place). Times interest earned (rounded to one decimal place) 891,400 190,600 14,500 176,100 47,000 $129,100 C times days times days times D F

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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