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XYZ Corporation has annual sales of $1,200,000 and a cost of goods sold (COGS) of $720,000. The company's accounts payable period is 60 days. What is the average accounts payable balance? a) $96,000 b) $118,356 c) $120,000 d) $164,384

XYZ Corporation has annual sales of $1,200,000 and a cost of goods sold (COGS) of $720,000. The company's accounts payable period is 60 days. What is the average accounts payable balance? a) $96,000 b) $118,356 c) $120,000 d) $164,384

Managerial Accounting: The Cornerstone of Business Decision-Making
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....
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XYZ Corporation has annual sales of $1,200,000 and a cost of goods sold (COGS) of $720,000. The company's accounts payable period is 60 days. What is the average accounts payable balance? a) $96,000 b) $118,356 c) $120,000 d) $164,384
Transcribed Image Text:XYZ Corporation has annual sales of $1,200,000 and a cost of goods sold (COGS) of $720,000. The company's accounts payable period is 60 days. What is the average accounts payable balance? a) $96,000 b) $118,356 c) $120,000 d) $164,384
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