Glenmore Enterprises has cost of goods sold of $670,000, ending inventory of $115,000, beginning inventory of $135,000, and average accounts payable of $140,000 as of December 31st. What is the accounts payable turnover? a. 4.79 b. 5.81 c. 4.29 d. 6.15

Glenmore Enterprises has cost of goods sold of $670,000, ending inventory of $115,000, beginning inventory of $135,000, and average accounts payable of $140,000 as of December 31st. What is the accounts payable turnover? a. 4.79 b. 5.81 c. 4.29 d. 6.15

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

See similar textbooks

Related questions

Q: General accounting

A: To calculate net cash provided by financing activities, we consider all cash inflows and outflows…

Q: What is the direct labor rate variance of these general accounting question?

A: Step 1: Define Direct Labor Rate VarianceDirect labor rate variance measures the difference between…

Q: Accounting sum 6 pts

A: Direct Labor Cost Variance = (Actual Hours × Actual Rate) - (Standard Hours Allowed × Standard Rate)…

Q: What is its standard manufacturing overhead rate per unit ?

A: Explanation: The formula to calculate the standard manufacturing overhead rate is = Total…

Q: Calculate the direct labor rate variance?

A: Explanation of Standard Rate: Standard rate, set at $14.00 per hour in this case, represents the…

Q: What was the firm's degree of accounting operating leverage on these financial accounting question?

A: Step 1: Contribution margin Contribution margin = EBITDA x Degree of pretax cash flow operating…

Q: Department A had 15,000 units in work in process that were 60% completed as to labor and overhead at…

A: Explanation of Equivalent Units of Production:The Equivalent Units of Production is a concept used…

Q: ?? Financial accounting question

A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…

Q: ???

A: Explanation of Current Liabilities:Current liabilities are short-term financial obligations that a…

Q: What is the balance of current liabilities pn the firm's balance sheet ?

A: Step 1: Use the Accounting Equation:• Assets = Liabilities + EquityStep 2: Rearrange for Total…

Q: Answer? ? Financial accounting question

A: Step 1: Define Simple InterestSimple interest is calculated on the principal amount of a loan or…

Q: The division's turnover is

A: The formula for asset turnover is: Asset Turnover = Sales / Average Operating Assets Given…

Q: Need help with this accounting questions

A: To estimate the total maintenance cost using the high-low method, follow these steps: Step 1:…

Q: 6 When should alternative measurement bases supplement cost? a. Historical cost tells whole story b.…

A: Concept of Historical CostHistorical cost refers to the original purchase price of an asset or…

Q: Need answer

A: To calculate the current assets, we include all assets that are expected to be converted into cash,…

Q: What is Anderson Technologies' TIE ratio on these financial accounting question?

A: Step 1: Define TIE RatioThe Times Interest Earned (TIE) ratio measures a company's ability to meet…

Q: General accounting question

A: The contribution margin (CM) can be calculated using the formula: Contribution Margin = Sales × CM…

Q: ??!!

A: Explanation of Total Manufacturing Cost:Total manufacturing cost is the sum of all costs incurred in…

Q: What is the gross profit margin on these financial accounting question?

A: To calculate the Gross Profit Margin, we follow these steps:Formula: Gross Profit Margin (%) =…

Q: The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing…

A: Concept of Standard Labor Hours:Standard labor hours represent the predetermined amount of time…

Q: Need help with this accounting questions

A: Step 1: Definition of Manufacturing Overhead AppliedManufacturing overhead applied is the indirect…

Q: Need help with this financial accounting

A: Step 1: Define Total Asset Turnover RatioThe Total Asset Turnover Ratio is a financial metric that…

Q: Solve this Question

A: Explanation of Cost of Goods Manufactured (COGM):The cost of goods manufactured (COGM) refers to the…

Q: None

A: To compute the dollar markup and the markup percent based on the cost of the rebuilt motor, follow…

Q: Need help with this general accounting question

A: Step 1: Definition of the Accounting EquationThe accounting equation states that a company's total…

Q: Ans plz

A: The debt-to-equity ratio is a financial metric that compares total debt to net worth (equity). It…

Q: NO WRONG ANSWER

A: To calculate the **cash conversion cycle (CCC)** step by step, we need to compute the following…

Q: ???

A: Explanation of Gross Sales: Gross sales represents the total amount of all sales transactions for a…

Q: What would be the total combined direct labor cost for the two months on these general accounting…

A: Step 1: Define Direct Labor CostDirect Labor Cost refers to the wages, salaries, and benefits paid…

Q: Not used ai financial accounting question

A: CalculationsThe required return for the market can be calculated using the Capital Asset Pricing…

Q: ABC Corporation's total quick assets were $8,674,000, its current assets were $11,350,000, and its…

A: Explanation of Acid-Test Ratio:The acid-test ratio, also called the quick ratio, measures a…

Q: What is the amount cost of goods available for sale ?

A: Step 1: Definition of Cost of Goods Available for Sale (COGAFS)The Cost of Goods Available for Sale…

Q: Chapter -6

A: To calculate the net sales recorded by Thompson Corporation in 2022, we use the formula: Net Sales =…

Q: Compute the direct labor cost variance?

A: Step 1:Direct Labor Cost variance is the difference between the Standard Labor Cost for Actual…

Q: Give true answer the financial accounting question

A: a. Calculate the Growth Rate (g):• Step 1: Use the formula: g = ROE × Plowback Ratiob. Calculate the…

Q: How much overhead was applied to each job ??

A: Part (a):Determine the Predetermined Overhead RateThe predetermined overhead rate (POHR) is…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of ROA and ROEReturn on Assets (ROA) measures a company's profitability relative…

Q: Get correct answer this general accounting question

A: To calculate the ending balance of the projected benefit obligation (PBO), use the following…

Q: Need step by step answer

A: Explanation of Straight-Line Method of Depreciation:The Straight-Line Method of Depreciation is a…

Q: What is the degree of operating leverage on these financial accounting question?

A: To calculate the Degree of Operating Leverage (DOL), we use the following formula: DOL =…

Q: Question 1. Pearl Leasing Company agrees to lease equipment to Martinez Corporation on January 1,…

A: The lease liability at the commencement of the lease is the present value of the lease payments.…

Q: Cost of goods sold of $1,72,000,

A: Step 1: Analysis of information givenAnnual Sales (all credit) = $4.07 million or $4,070,000Cost of…

Q: Need help this question solution

A: 1. TIE RatioThe TIE ratio measures a company's ability to cover its interest payments with its…

Q: What was the company's net operating income for the year on these financial accounting question?

A: Step 1: Calculate Total Assets• Total Assets = Sales / Asset TurnoverStep 2: Calculate Net Operating…

Q: Please give me answer general accounting question

A: Step 1: a) Proceeds of the note Assuming it carries an interest rate of 8% Assuming the note carries…

Q: Need answer

A: Calculation of Variable Production Cost per unitVariable Production Cost per unit = Direct Material…

Q: What distinguishes information hierarchy from data collection? (a) All data holds equal importance…

A: Full Explanation:Information hierarchy and data collection are distinct concepts that address…

Q: None

A: Step 1: Define Product Costs & Period CostsIn accounting, the costs of a firm can be classified…

Q: No Ai Answer

A: To calculate the activity rate for moving, divide the expected cost of the activity by the activity…

Q: None

A: Step 1: Define Sales Price per UnitThe sales price per unit is calculated by summing the total cost…

Question

What is the accounts payable turnover on these general accounting question?

Glenmore Enterprises has cost of goods sold of $670,000,
ending inventory of $115,000, beginning inventory of $135,000,
and average accounts payable of $140,000 as of December
31st. What is the accounts payable turnover?
a. 4.79
b. 5.81
c. 4.29
d. 6.15

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement, statement of owners equity, and balance sheet) shown on pages 596597, prepare the following financial ratios. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was 21,600. 1. Working capital 2. Current ratio 3. Quick ratio 4. Return on owners equity 5. Accounts receivable turnover and average number of days required to collect receivables 6. Inventory turnover and average number of days required to sell inventory
FINANCIAL RATIOS Use the work sheet and financial statements prepared in Problem 15-8A. All sales are credit sales. The Accounts Receivable balance on January 1,20--, was 3,800. REQUIRED Prepare the following financial ratios: (a) Working capital (b) Current ratio (c) Quick ratio (d) Return on owners equity (e) Accounts receivable turnover and average number of days required to collect receivables (f) Inventory turnover and average number of days required to sell inventory
What is the accounts payable turnover
Subject: financial accounting Question
Answer this general accounting