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Now. I Dollar 5 tore parchases merrhasdice for $15sin oe trem. volice dated November 1 . 5 Dollar \$\$ore pays cach for the November 1 fandate tatet. rahums and shephy P1 12 Additienel Informetion P3 codet of year-end merchasdise inveninry shows $24,700 of goodn arill arywh. itot iscluifit in the phosical count hecause they were is tratil. a. Explain bow this overlooled fact impocts the coepany't balasct albee and incoene atatemese. following separate natios: rotarn on assecs, debt nitis, curret nim, and acid eat ratio. tate ratios: (a) gross margin ratio and (b) profit margin ratio. peipecual imentocy cysiem and the groes method. Nov. I Dollar Sioee purchses merchandise for $1,500 an terms of 2/5, n/30,FOB stipping poimt, invelce dated November 1 5 Dollar Siare pays cash for the November 1 parclase. 7 Dollar Sioce discovers and recarns 5200 of defective metchandise parchaved on Noveraber 1. and paid for on Noyember 5 , for a cash ecfand. 10. Dollar 5 tore pays 500 eash for traniportation cous for the November 1 purchase. 13 Dollar S obere selts menchandise for 51,600 with terms n/30. The coit of the merchandise is 5900 . 16 Merchandive is returned to the Dollar Store from the November 13 trankaction. The returned inemis are priced ot 5160 and coit 590 ; the iterns were noe damaged and were retarned to imentory. The following liss isciades selected permaneer accousts and all of the temporary accounts from the; Exercise 5-10 December 31, 2017, unadjasted inial balance of Emiko Co, a busindss owned by Kemi Emiko. Use theso Prepering activen aro sccount balases aloeg with the additicoal information eatries. Emibo Co, ases a perjetual ieventory system. Additional Information Mecrued sales salarits amoant to 51,700. Prepaid selling expenses of 53,000 have expired. A plyysseal count of year-end merchanctise imventory shows $28,700 of goods still available. A company riports the following sales-related information. Compate and prepare the net sales portion Exeteise 5-11 oaly of this compary's multiple-step income statement. Net sales computation for mutuple-step income stacement P4 A reall company recently completed a physical count of ending merchandise ienventory to ase in preparing. Exercise 512 adj-sting entrics. In determining the cost of the counted inventory, company employees failed to consider interpreting a physicu taat 53,000 of incoming goods bad been shipped by a supplier on Decerraber 31 under as FOB shipping count ensr as invertion point agreeneat. These goods had been recorded in Merchandise Inventary as a purchase, but they were ahrinkage not included in the physicat count becouse shey were in transit. a. Explaic how this overlooked fact impacts the company's balance sheet and income statemeat. b. Iadicake whether this overiooked fact results in an overstatement, understaternent, of no effect on the following separate ratios: retum on assets, debt ratio, current ratio, and acid-test ratio. Refer to the information in Exercise 5-12 and indicate whether the failure to inclade in-transit inventory as Exercise 5-13 purt of the physical count results in an overstatement, andersatemeat, of no effect on the following sepa- Physical eourt eno tate talios: (a) gross margio ratio and (b) profit margin ratio. and profts 12 Now. I Dollar 5 tore parchases merrhasdice for $15sin oe trem. volice dated November 1 . 5 Dollar \$\$ore pays cach for the November 1 fandate tatet. rahums and shephy P1 12 Additienel Informetion P3 codet of year-end merchasdise inveninry shows $24,700 of goodn arill arywh. itot iscluifit in the phosical count hecause they were is tratil. a. Explain bow this overlooled fact impocts the coepany't balasct albee and incoene atatemese. following separate natios: rotarn on assecs, debt nitis, curret nim, and acid eat ratio. tate ratios: (a) gross margin ratio and (b) profit margin ratio. peipecual imentocy cysiem and the groes method. Nov. I Dollar Sioee purchses merchandise for $1,500 an terms of 2/5, n/30,FOB stipping poimt, invelce dated November 1 5 Dollar Siare pays cash for the November 1 parclase. 7 Dollar Sioce discovers and recarns 5200 of defective metchandise parchaved on Noveraber 1. and paid for on Noyember 5 , for a cash ecfand. 10. Dollar 5 tore pays 500 eash for traniportation cous for the November 1 purchase. 13 Dollar S obere selts menchandise for 51,600 with terms n/30. The coit of the merchandise is 5900 . 16 Merchandive is returned to the Dollar Store from the November 13 trankaction. The returned inemis are priced ot 5160 and coit 590 ; the iterns were noe damaged and were retarned to imentory. The following liss isciades selected permaneer accousts and all of the temporary accounts from the; Exercise 5-10 December 31, 2017, unadjasted inial balance of Emiko Co, a busindss owned by Kemi Emiko. Use theso Prepering activen aro sccount balases aloeg with the additicoal information eatries. Emibo Co, ases a perjetual ieventory system. Additional Information Mecrued sales salarits amoant to 51,700. Prepaid selling expenses of 53,000 have expired. A plyysseal count of year-end merchanctise imventory shows $28,700 of goods still available. A company riports the following sales-related information. Compate and prepare the net sales portion Exeteise 5-11 oaly of this compary's multiple-step income statement. Net sales computation for mutuple-step income stacement P4 A reall company recently completed a physical count of ending merchandise ienventory to ase in preparing. Exercise 512 adj-sting entrics. In determining the cost of the counted inventory, company employees failed to consider interpreting a physicu taat 53,000 of incoming goods bad been shipped by a supplier on Decerraber 31 under as FOB shipping count ensr as invertion point agreeneat. These goods had been recorded in Merchandise Inventary as a purchase, but they were ahrinkage not included in the physicat count becouse shey were in transit. a. Explaic how this overlooked fact impacts the company's balance sheet and income statemeat. b. Iadicake whether this overiooked fact results in an overstatement, understaternent, of no effect on the following separate ratios: retum on assets, debt ratio, current ratio, and acid-test ratio. Refer to the information in Exercise 5-12 and indicate whether the failure to inclade in-transit inventory as Exercise 5-13 purt of the physical count results in an overstatement, andersatemeat, of no effect on the following sepa- Physical eourt eno tate talios: (a) gross margio ratio and (b) profit margin ratio. and profts 12