#4 In your own words, describe the system that Lowes uses to manage its Accounts Payable. Question #5 Using the financial statements provided on Blackboard, calculate and interpret the days to collect ratio. Assume credit sales are 15% of total net sales. Question #6 Using the financial statements provided on Blackboard, calculate and interpret the days to sell and gross profit ratios. Question #7 Using the financial statements provided on Blackboard, calculate and interpret the current liabilities ratios (including cash cycle) we discussed in class. Question #8 Using the financial statements provided on Blackboard, calculate and interpret the long-term liabilities ratios we discussed in class. Question #11 The following situations each describe a weakness in internal control. For each situation, explain why it is a weakness and then suggest a change that would improve internal control. 1) The warehouse clerk is responsible for ordering merchandise when levels become low and advising the accounting department to issue a payment to the supplier when the goods are received. 2) The check-singing machine is stored with a supply of pre-numbered, blank checks in the lunch room closet. 3) Purchase orders can be approved by the purchasing manager, accountant, or warehouse supervisor, depending on who is least busy. 4) Sales managers are responsible for granting credit to customers. 5) Purchasing managers are allowed to order goods from any vendor he or she chooses