INTERMEDIATE ACCOUNTING LL W/ ACCESS 540
10th Edition
ISBN: 9781264688715
Author: SPICELAND
Publisher: MCG
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Please help me solve this general accounting question using the right accounting principles.
Accounts Payable
A chain of appliance stores, APP Corporation, purchases inventory with a net price of $400,000 each day. The company purchases the inventory under the credit terms of 1/15, net 35. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP?
Please explain the solution to this financial accounting problem with accurate principles.
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