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You have the following balance sheet information 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100 $1,038 Suppose further that sales during the year are $13,400 (of which 75% is sold on credit) and the cost of goods sold is $8,000 (of which 73% is purchased via an accounts payable) Calculate the accounts payable cycle (in days)

You have the following balance sheet information 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100 $1,038 Suppose further that sales during the year are $13,400 (of which 75% is sold on credit) and the cost of goods sold is $8,000 (of which 73% is purchased via an accounts payable) Calculate the accounts payable cycle (in days)

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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You have the following balance sheet information: 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100 $1,038 Suppose further that sales during the year are $13,400 (of which 75% is sold on credit) and the cost of goods sold is $8,900 (of which 73% is purchased via an accounts payable) Calculate the accounts payable cycle (in days).
Transcribed Image Text:You have the following balance sheet information: 2022 Inventory Accounts Receivable Accounts Payable Beginning Ending Average $2,900 $3,750 $3,325 $1,300 $1,500 $1,400 $975 $1,100 $1,038 Suppose further that sales during the year are $13,400 (of which 75% is sold on credit) and the cost of goods sold is $8,900 (of which 73% is purchased via an accounts payable) Calculate the accounts payable cycle (in days).
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