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Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.

Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.
Transcribed Image Text:Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.
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