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What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? (Round to the nearest dollar.)

What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? (Round to the nearest dollar.)

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Average accounts payable cycle. Use the following account information for Rian Company. Click on the icon e in order to copy its content into a spreadsheet 2013 and 2014 Selected Balance Sheet Accounts of Rian Company 12/31/14 12/31/13 Change Accounts receivable $35,271 $42,742 $7,471 Inventory $49,969 $53,308 $3,339 Accounts payable $24,763 $22,799 $1,964 Click on the icon 9 in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company Cash sales $471,000 $413,000 Credit sales
Transcribed Image Text:Average accounts payable cycle. Use the following account information for Rian Company. Click on the icon e in order to copy its content into a spreadsheet 2013 and 2014 Selected Balance Sheet Accounts of Rian Company 12/31/14 12/31/13 Change Accounts receivable $35,271 $42,742 $7,471 Inventory $49,969 $53,308 $3,339 Accounts payable $24,763 $22,799 $1,964 Click on the icon 9 in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company Cash sales $471,000 $413,000 Credit sales
Click on the icon e in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company $471,000 $413,000 Cash sales Credit sales Total sales $884,000 $502,929 Cost of goods sold Rian Company had set a target of 15.7 days for its payment (accounts payable) cycle. What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? $ (Round to the nearest dollar.)
Transcribed Image Text:Click on the icon e in order to copy its content into a spreadsheet 2014 Selected Income Statement Items for Rian Company $471,000 $413,000 Cash sales Credit sales Total sales $884,000 $502,929 Cost of goods sold Rian Company had set a target of 15.7 days for its payment (accounts payable) cycle. What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? What would the ending balance in the accounts payable account for 2014 have needed to be to reach this target (holding all other accounts the same)? $ (Round to the nearest dollar.)
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