Refer to the information in Exercise 4-15 and indicate whether the failure to include in-transit inventory as part of the physical

Refer to the information in Exercise 4-15 and indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement, understatement, or no effect on the following separate ratios: (a) gross margin ratio and (b) profit margin ratio.

A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries

A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed to consider that $3,000 of incoming goods had been shipped by a supplier on December 31 under an FOB shipping point agreement. These goods had been recorded in Merchandise Inventory as a purchase, but they were not included in the physical count because they were in transit. Explain how this overlooked fact impacts its balance sheet and income statement. Indicate whether this overlooked fact results in an overstatement, understatement, or no effect on the following separate ratios: return on assets, debt ratio, current ratio, and acid-test ratio.

Les would have $566,190.22 if he worked for 30 years and then retired

Les would have $566,190.22 if he worked for 30 years and then retired. He built this “nest egg” by saving $150 a month for retirement through his company’s retirement plan.

His employer contributed an additional $0.50 for every $1.00 that he saved. He also earned 10.5 percent on his retirement savings. What if Les now decides that he can retire when his savings build up to $500,000? When will that be? a. 185.18 years b. 26.49 years c. 29.21 years d. 33.33 years e. 28.86 years

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