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Sellograph Corporation reports sales of $10 million for Year 2, with a gross profit margin of 40%. 20% of Sellograph's sales are on credit. Year 1 Year 2 Account receivable $150,000 $170,000 Inventory Account payable $900,000 $1,000,000 $1,100,000 $1,200,000 Accounts payable days outstanding at the end of Year 2 is closest to: A. 57.0 days. B. 66.0 days. C. 72.0 days. D. 43.2 days.

Sellograph Corporation reports sales of $10 million for Year 2, with a gross profit margin of 40%. 20% of Sellograph's sales are on credit. Year 1 Year 2 Account receivable $150,000 $170,000 Inventory Account payable $900,000 $1,000,000 $1,100,000 $1,200,000 Accounts payable days outstanding at the end of Year 2 is closest to: A. 57.0 days. B. 66.0 days. C. 72.0 days. D. 43.2 days.

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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Sellograph Corporation reports sales of $10 million for Year 2, with a gross profit margin of 40%. 20% of Sellograph's sales are on credit. Year 1 Year 2 Account receivable $150,000 $170,000 Inventory Account payable $900,000 $1,000,000 $1,100,000 $1,200,000 Accounts payable days outstanding at the end of Year 2 is closest to: A. 57.0 days. B. 66.0 days. C. 72.0 days. D. 43.2 days.
Transcribed Image Text:Sellograph Corporation reports sales of $10 million for Year 2, with a gross profit margin of 40%. 20% of Sellograph's sales are on credit. Year 1 Year 2 Account receivable $150,000 $170,000 Inventory Account payable $900,000 $1,000,000 $1,100,000 $1,200,000 Accounts payable days outstanding at the end of Year 2 is closest to: A. 57.0 days. B. 66.0 days. C. 72.0 days. D. 43.2 days.
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