LoDo, Inc. has sales of $642,000 and average accounts payable of $36,400. The cost of goods sold
Question:
LoDo, Inc. has sales of $642,000 and average accounts payable of $36,400. The cost of goods sold is equivalent to 65% of sales. How long does it take LoDo to pay its suppliers?
A. 11.46 days
B. 13.45 days
C. 20.69 days
D. 26.18 days
E. 31.85 days
Accounts PayableAccounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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