1 Condensed financial statements for Games Galore are summarized below:23 Balance Sheet4 Cash5 Accounts Receivable, Net6 Inventory7 Prepaid Insurance8 Total Current Assets9 Property and Equipment, Net10Total Assets1112 Current Liabilities13 Long-term Liabilities14 Total Liabilities15 Contributed Capital16 Retained Earnings17 Total Stockholders' Equity18 Total Liabilities and Stockholders' Equity1920 Income Statement21 Net Sales (all on account)22 Cost of Goods Sold23 Gross Profit24 Operating Expenses25 Income from Operations26 Interest Expense27 Income before Income Tax Expense28 Income Tax Expense29 Net Income30READYAttempt(s)Sheet1$$$$B$2016185,000 $80,000104,00011,900380,900514,500895,400 $85,300284,000369,300299,000227,100526,100895,400 $$ 3,031,0001,949,0001,082,000891,400$190,60014,500176,10047,000129,1004C2015143,00059,000134,0005,880341,880407,000748,88096,800224,000320,800299,000129,080428,080748,880BEIDI+E30%+Show Me 20 Income Statement21 Net Sales (all on account)22 Cost of Goods Sold23 Gross Profit24 Operating Expenses25 Income from OperationsA26 Interest Expense27 Income before Income Tax Expense28 Income Tax Expense29 Net Income3031 Required:32 Compute the following liquidity ratios for 2016. Round to the33 required number of decimal places USING THE EXCEL.34 ROUND FUNCTION (fx).35 Current ratio (rounded to one decimal place)36 Receivables turnover (rounded to two decimal places)37Days to collect (rounded to the nearest whole day)38Inventory turnover (rounded to two decimal places)39Days to sell (rounded to the nearest whole day)4041 Compute the following Solvency Ratios for 2016. Again, USE42 THE EXCEL ROUND FUNCTION (fx).43 Debt to assets (rounded to two decimal places)444546 Compute the following Profitability Ratios for 2016. Again, USE47 THE EXCEL ROUND FUNCTION (fx).48 Net profit margin (rounded to one decimal place)49Times interest earned (rounded to one decimal place)Gross profit percentage (rounded to one decimal place)Sheet1READYAttempt(s)B$ 3,031,0001,949,000$1,082,000891,400190,60014,500176,10047,000129,100to 1timesdaystimesdaysto 1timesсpercentpercent<BEID+E30%+Show Me

The time's interest earned ratio is generally evaluated by the lender while extending credit to the…

Condensed financial statements for Games Galore are summarized below: Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Insurance Total Current Assets Property and Equipment, Net Total Assets 2 Current Liabilities s Long-term Liabilities Total Liabilities 5 Contributed Capital 5 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Income Statement Net Sales (all on account) e Cost of Goods Sold Gross Profit Operating Expenses Income from Operations 5 Interest Expense Income before Income Tax Expense Income Tax Expense Net Income $ $ $ $ 2016 $ 185,000 $ 80,000 104,000 11,900 380,900 514,500 895,400 $ 85,300 $ 284,000 369,300 299,000 227,100 526,100 895,400 $ $ 3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 129,100 2015 143,000 59,000 134,000 5,880 341,880 407,000 748,880 96,800 224,000 320,800 299,000 129,080 428,080 748,880

Condensed financial statements for Games Galore are summarized below: Balance Sheet Cash Accounts Receivable, Net Inventory Prepaid Insurance Total Current Assets Property and Equipment, Net Total Assets 2 Current Liabilities s Long-term Liabilities Total Liabilities 5 Contributed Capital 5 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Income Statement Net Sales (all on account) e Cost of Goods Sold Gross Profit Operating Expenses Income from Operations 5 Interest Expense Income before Income Tax Expense Income Tax Expense Net Income $ $ $ $ 2016 $ 185,000 $ 80,000 104,000 11,900 380,900 514,500 895,400 $ 85,300 $ 284,000 369,300 299,000 227,100 526,100 895,400 $ $ 3,031,000 1,949,000 1,082,000 891,400 190,600 14,500 176,100 47,000 129,100 2015 143,000 59,000 134,000 5,880 341,880 407,000 748,880 96,800 224,000 320,800 299,000 129,080 428,080 748,880

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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Please calculate the Gross profit percentage, current ratio, debt-to-equity ratio, and earnings per share for Columbia Sportswear Company. Using the ratios, evaluate the financial statements from Columbia Sportswear Company. What does each of your four ratios indicate about the financial performance of the company? Based on your financial analysis: would you invest in this company? Why or why not?
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Consider the following information: Assets Cash Accounts Receivable (less allowance) Inventories Property, Plant and Equipment Long-term Investments Total Assets Liabilities Accounts Payable Current Portion of Long-Term Debt Long-Term Notes Payable Total Liabilities. Gil's Fish and Tackle, Incorporated Dalance Sheet At December 31, 2021 Stockholders' Equity Contributed Capital Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Operating Expenses Operating Income Other Expenses Interest Expense Sales Revenue Operating Expenses Salaries and Wages Expense Operating and Administrative Expenses Depreciation Expense Net Income Gil's Fish and Tackle, Incorporated Income Statement For the year ending December 31, 2021 Income Before Income Tax Expense Income Tax Expense Debt-to-Assets Ratio Times Interest Earned $ 22,200 169,100 68,300 102,800 30,000 $ 392,400 % $ 49,200 68,800 100,000 218,000 100,000 74,400 174,400 $ 392,400 $ 2,765,000 1,850,500 286,700…
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