Sunshine Apparel has the following information for the year: Beginning Accounts Payable: $40,000 Ending Accounts Payable: $50,000 Purchases during the year: $300,000 • • Payments to suppliers during the year: $270,000 What is Sunshine Apparel's Accounts Payable Turnover Ratio for the year?

Sunshine Apparel has the following information for the year: Beginning Accounts Payable: $40,000 Ending Accounts Payable: $50,000 Purchases during the year: $300,000 • • Payments to suppliers during the year: $270,000 What is Sunshine Apparel's Accounts Payable Turnover Ratio for the year?

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 14BEA: Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000....

See similar textbooks

Related questions

Q: Please provide the solution to this general accounting question using proper accounting principles.

A: Step 1: Definition of Investing ActivitiesInvesting activities in a cash flow statement refer to the…

Q: IKEA labs is evaluating it's Dermex division investment centre.

A: Provided Data:Controllable Margin = $75,000Sales = $510,000Return on Investment (ROI) = 12%Step 1:…

Q: Calculate the variance in the petty cash fund

A: Explanation of Petty Cash Fund :A petty cash fund is a small amount of cash maintained by an…

Q: General Accounting

A: Step 1: Define Direct Labor CostDirect Labor Cost refers to the wages paid to workers who are…

Q: Kinsley Manufacturing estimates that overhead costs for the next year will be $3,600,000 for…

A: Concept of Overhead CostsOverhead costs are indirect production costs that cannot be traced directly…

Q: I need help finding the correct solution to this financial accounting problem with valid methods.

A: To determine the cash withdrawals, we use the equation for changes in Owner's Equity: Ending Owner's…

Q: I need help with this problem and accounting question

A: Step 1: Definition of Material Quantity VarianceMaterial quantity variance measures the cost impact…

Q: Can you explain the correct methodology to solve this general accounting problem?

A: What is Profit Margin?Profit Margin is a profitability ratio that shows the percentage of net income…

Q: Financial accounting

A: Step 1: Define Required Return on Preferred StockThe required return on preferred stock is the…

Q: Solve this Accounting problem

A: Explanation of Total Cost: Total cost represents the sum of all expenses incurred by a company to…

Q: I need help with this general accounting question using the proper accounting approach.

A: Concept of Fixed CostsFixed costs are expenses that do not change with the level of activity or…

Q: Dixon Corp. has a contribution margin ratio of 40%. The company is considering a proposal that will…

A: Step 1: Definition of Contribution Margin RatioThe Contribution Margin Ratio is a financial metric…

Q: Get correct answer with accounting question

A: Step 1: Definition of Cost Allocation Based on Square FootageCost Allocation Based on Square Footage…

Q: I am looking for the correct answer to this general accounting problem using valid accounting…

A: Step 1: Definitions Concept of Manufacturing Overhead:Manufacturing overhead refers to all indirect…

Q: Hello tutor please given step by step explanation the financial accounting question with correct…

A: Step 1: Definition of ROE (Return on Equity)Return on Equity (ROE) is a key financial ratio that…

Q: Hello tutor solve this question and accounting question

A: To find the percentage change in sales, given the degree of operating leverage (DOL) and the…

Q: I need help with this general accounting question using the proper accounting approach.

A: Step 1: Definition of Asset Turnover RatioThe Asset Turnover Ratio measures how efficiently a…

Q: Please explain the solution to this general accounting problem with accurate principles.

A: Step 1: Definition of EquityEquity represents the ownership interest held by shareholders in a…

Q: Swinton Furnishings makes tables and planned to sell 3,800 tables in its master budget for the…

A: Step 1: Definitions Concept of Sales Volume Variance for Revenue:Sales Volume Variance for Revenue…

Q: Kindly help me with this General accounting questions not use chart gpt please fast given solution

A: Step 1: Define Stockholders' EquityStockholders' equity represents the residual interest in the…

Q: Financial Accounting

A: Step 1: Define Price-Earnings RatioThe Price-Earnings (P/E) ratio is a measure of how much investors…

Q: General Accounting

A: Step 1: Define Standard Rate per HourThe standard rate per hour is the predetermined or expected…

Q: Please give me answer with accounting question

A: Step 1: Definition of Ending Long-Term DebtEnding long-term debt represents the unpaid balance of a…

Q: ansmayolga me edi bio JO NAT CALCULATING PAYROLL TAXES EXPENSE AND PREPARING JOURNAL ENTRY Selected…

A: Answer: Step 1: Identify Taxable AmountsEmployeeCum. PayWeekly EarningsUnemp. Taxable (up to…

Q: Can you help me solve this general accounting problem using the correct accounting process?

A: Step 1: Define Receivables Turnover RatioThis ratio measures how efficiently a business collects its…

Q: Financial Accounting

A: Let's calculate the profit for the rainy day step by step.1. Daily Sales and CostsBurgers made =…

Q: Don't use ai given answer with financial accounting

A: Given:Profit Margin = 8.5% or 0.085Total Asset Turnover = 2.0Equity Multiplier = 2.2We'll use the…

Q: A copier cost $78,000 when new and has an accumulated depreciation of $54,000. If the business…

A: Explanation of Book Value:Book value is the net value of an asset after subtracting accumulated…

Q: I need help with this financial accounting problem using proper accounting guidelines.

A: Step 1: Definition of Total RevenuesTotal revenues represent the total amount earned by a division…

Q: Can you please solve this general accounting question?

A: Step 1: Definition of Full Costing (Absorption Costing)Full costing (also called absorption costing)…

Q: I need help with this solution and accounting question

A: Step 1: Definition of Degree of Operating Leverage (DOL)Degree of Operating Leverage (DOL) measures…

Q: I want the correct answer with accounting question

A: Step 1: Definition of Predetermined Overhead Allocation RateThe predetermined overhead allocation…

Q: Can you provide the valid approach to solving this financial accounting question with suitable…

A: Step 1: Define Cost of Machinery Acquired via Stock IssuanceWhen a company acquires an asset by…

Q: At year-end, John's Electronics has the following financial details: • • • . Cash: $10,000 Current…

A: Step 1: Definition of Days Sales Outstanding (DSO)Days Sales Outstanding (DSO) measures how many…

Q: Calculate the ending inventory using the lower-of-cost-or-market method.

A: Concept of Lower-of-Cost-or-Market (LCM):The lower-of-cost-or-market method is a conservative…

Q: Can you help me solve this general accounting problem using the correct accounting process?

A: To calculate equivalent units for conversion costs using the weighted average method, we follow this…

Q: I am looking for the correct answer to this financial accounting question with appropriate…

A: Step 1: Definition of Contribution Margin RatioThe Contribution Margin Ratio is a key financial…

Q: Please explain the solution to this general accounting problem using the correct accounting…

A: Step 1: Definition of Overhead AllocationOverhead allocation is the process of assigning indirect…

Q: Please solve this question by using appropriate method.

A: Given:Current Ratio = 2.8Acid-Test Ratio = 1.2Working Capital = $420,000Current Assets include:…

Q: Can you show me the correct approach to solve this genral accounting problem using suitable…

A: Step 1: Definition of COGS AdjustmentCOGS Adjustment refers to the end-of-year correction made when…

Q: Colby Corporation has provided the following information: -Operating revenues from customers were…

A: Step 1: Definition of Operating IncomeOperating income (also known as income from operations) is the…

Q: Give the cost per equivalent unit.

A: Provided Data:Beginning Work in Process (WIP) = 4,200 units (50% complete)Units added during the…

Q: Please explain the correct approach for solving this financial accounting question.

A: Step 1: Definition of Gross MarginGross Margin is a financial metric that shows the portion of…

Q: Please right solution and accounting question

A: Step 1: Definition of Manufacturing OverheadManufacturing Overhead includes all indirect production…

Q: Nashville Enterprises wishes to earn a pre-tax income of $40,000. Total fixed costs are $96,000, and…

A: Concept of Fixed CostsFixed costs are business expenses that remain constant regardless of the…

Q: Please provide the accurate answer to this general accounting problem using valid techniques.

A: Step 1: Define Markup on Total CostMarkup on total cost is a pricing strategy where a business adds…

Q: Please provide the answer to this general accounting question using the right approach.

A: Step 1: Definition of Capital Lease LiabilityA capital lease liability (now called finance lease…

Q: Please provide the solution to this general accounting question using proper accounting principles.

A: To determine the cash received from the sale, we use the following formula: Book Value of Equipment…

Q: Please provide the correct answer to this financial accounting problem using accurate calculations.

A: Provided Data:Debt-to-Equity Ratio = 0.68Return on Assets (ROA) = 8.75%Total Equity = $842,000Step…

Q: Pina Colada Corp. factors $620,000 of accounts receivable with Kingbird, Inc., Inc. on a with…

A: The finance charge is calculated as 2.0% of the total accounts receivable. In this case, the total…

Question

Can you help me solve this general accounting problem with the correct methodology?

Sunshine Apparel has the following information for the year:
Beginning Accounts Payable: $40,000
Ending Accounts Payable: $50,000
Purchases during the year: $300,000
•
•
Payments to suppliers during the year: $270,000
What is Sunshine Apparel's Accounts Payable Turnover Ratio for the year?

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

Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. 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.
Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: 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.
Whalen Company had net sales of 125,500,250,000. Whalen had the following balances: Required: Note: Round answers to two decimal places. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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.
What is the average accounts payable balance? ?
How much is the account receivable turnover ratio?
How much is the accounts receivable turnover ratio?
The financial statements of Bolero Manufacturing Inc. report net credit sales of $900,000 and accounts receivable of $80,000 and $40,000 at the beginning of the year and end of the year, respectively. What is the receivables turnover ratio for Bolero? O 15.0 times O7.5 times 22.5 times O 11.25 times
compute the accounts receivable turnover ratio and the average collection period in days
Maxwell distrubutors provides the following information
What is the companys average collection period?
A company reports the following: Sales Average accounts receivable (net) $511,000 73,000 Determine the (a) accounts receivable turnover, and (b) number of days' sales in receivables. When required, round your answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days