Compute the average number of days Company S’s accounts payable is outstanding.

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Answer 1

Question

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

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Complete the balance sheet and sales information using the following financial data:Total assets turnover: 1.1×Days sales outstanding: 73.0 daysaInventory turnover ratio: 4×Fixed assets turnover: 2.5×Current ratio: 2.0×Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20%aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash $ Current liabilities $ Accounts receivable Long-term debt 54,000 Inventories Common stock Fixed assets Retained earnings 108,000 Total assets $360,000 Total liabilities and equity $ Sales $ Cost of goods sold $

Visions designs, markets, and distributes audio and gaming headphones, earbuds, and speakers. Assume that last year, Visions reported cost of goods sold of $157 million. Assume that this year, cost of goods sold was $116 million. Accounts payable was $23 million at the end of last year and $17 million at the end of this year. Required: 1. For this year, compute the average number of days that Visions's accounts payable are outstanding. Note: Do not round intermediate calculations and round your final answer to the nearest whole number. Use 365 days a year. Average number of days

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Answer 2

Question

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

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Answer 3

Question

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

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Answer 4

Question

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

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Answer 5

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

Answer 6

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

Answer 7

Chapter 9, Problem 9.7E

1.

To determine

Compute the average number of days Company S’s accounts payable is outstanding.

Answer 8

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

Answer 9

2.

To determine

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

Answer 10

Expert Solution & Answer

Answer 11

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Answer 12

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Answer 13

Ch. 9 - Prob. 1Q Ch. 9 - Prob. 2Q Ch. 9 - Prob. 3Q Ch. 9 - Prob. 4Q Ch. 9 - Prob. 5Q Ch. 9 - Prob. 6Q Ch. 9 - Prob. 7Q Ch. 9 - Define deferred revenue. Why is it a liability?Ch. 9 - Prob. 9Q Ch. 9 - Define working capital. How is working capital...

Compute the average number of days Company S’s accounts payable is outstanding.

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Compute the average number of days Company S’s accounts payable is outstanding.

Comment on Company S’s average number of days that accounts payable are outstanding to the industry average.

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Chapter 9 Solutions