Question
1. Rae Company purchased a new vehicle by paying $11,600 cash on the purchase date and agreed to pay $4,600 every three months during the
1. Rae Company purchased a new vehicle by paying $11,600 cash on the purchase date and agreed to pay $4,600 every three months during the next five years. The first payment is due three months after the purchase date. Rae's incremental borrowing rate is 8%. The vehicle reported on the balance sheet as of the purchase date is closest to: (FV of $1, PV of $1, FVA of $1, and PVA of $1)
2. Landseeker's Restaurants reported cost of goods sold of $330 million and accounts payable of $76 million for 2020. In 2019, cost of goods sold was $266 million and accounts payable was $64 million. Landseekers accounts payable turnover ratio in 2020 is closest to:
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