Part &: Pot luck: (9 points) suming that all else is constaryt Circle the effect of each of the following independent events at XBRL Associates, as (1.5 each) on December 31 XBRL bought a piece of No effect Decrease equipment, cash flows from operating activities Increase would if management decided to purchase back No effect shares of common stock from their IncreaseDecrease shareholders, ROE would borrowed $10M In long term the company debt, the current ratio would Increase DecreaseNo effect No effect If management started paying their accounts payable 3 days later, the cash conversion cycle would: Increase Increase No effect Decrease If XBRL's accounts receivable tunover decreased, their cash conversion cycle would: I XBRL opened three new retail locations on December 28th and their year end was 12/31 Increase DecreaseNo effect fixed asset turnover would: Bonus Question: As we discussed in class, Lululemon's fixed asset ratio was much lower than Nike and UnderArmour. Briefly explain the reason that caused the difference