3 The Winters Co. has annual sales of 918,700. Cost of goods sold is 55 percent of annual sales and on credit. The firm has an average accounts payable balance of 72,400. How many days on average does it take The Winters Co. to pay its suppliers? (Assume 365 days in a year) 29 days 52 days 34 days 46 days 10 QUESTION 4 Consider the following two statements (1) Businesses should deny credit to customer to eliminate the costs of collecting trade receivables. (2) Trade receivable factoring could provide immediate funds to businesses after credit sales. Which one of the following combinations relating to the above statements is correct? (1) False (2) False (1) True (2) False (1) True (2) True (1) False (2) True