Lowe's is a leading retailer in the home improvement field. Complete the component percentage analysis on the company's income statement that follows. (Enter your answer as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34).) LOWE'S COMPANIES, INC. Consolidated Statements of Earnings (in millions, except per share and percentage data) Fiscal Years Ended on February 3, January 28, % Sales 2012 January 29, 2011 % Sales 2010 $ 50.208 100.00 % $ 48,815 100.00 % $ 47,220 32,858 31,663 30,757 17,350 17,152 16,463 % Sales 100.00 % 12,593 Net sales Cost of sales Gross margin Expenses: Selling, general, and administrative Depreciation Interest-net Total expenses Pre-tax earnings Income tax provision Net earnings 1,480 371 12,006 1,586 332 11,737 1,614 287 14,444 2,906 13,924 3.228 1,218 2,010 13,638 2,825 1,042 1,067 1,839 $ % $ % $ 1,783 Current assets for Mayfair Corporation totaled $410,000 and the current ratio was 20. Assume that the following transactions were completed: (1) sold $11,000 in merchandise on short-term credit, (2) declared but did not pay dividends of $50,000, (3) paid prepaid rent in the amount of $12,000. (4) paid previously declared dividends in the amount of $50,000. (5) collected an account receivable in the amount of $11,000, and (6) reclassified $45,000 of long-term debt as a short-term liability Required: Compute the cumulative current ratio after each transaction (Round your answers to 2 decimal places. Assume a periodic inventory system is used.) Transaction Cumulative Current Ratio (1) (2) (3) (5) (6) Mateo Inc. is a retailer of men's and women's clothing aimed at college-age customers. Listed below are additional transactions that Mateo was considering at the end of the accounting period. Required: Assuming that each had occurred during the fiscal year, complete the following tabulation, selecting the sign of the effect of each additional transaction (+ for increase and - for decrease). Consider each item independently and ignore taxes. (Hint: Construct the journal entry for each transaction before evaluating its effect.) (Select "NE" if there is no effect.) a. Borrowed $3,000 on a line of credit with the bank. b. Incurred salary expense of $1,000 paid for in cash. c. Provided $2,000 of services on account. d. Purchased $700 of inventory on account. e. Sold $500 of goods on account. The related cost of goods sold was $300. Gross profit margin was 45% before this sale. Transaction Total Asset Turnover Return on Assets Gross Profit Percentage a b. C. d. e