Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Consider the following information for a company: Sales (all credit): $6,000,000; Cost of Goods Sold: 80% of Sales; Accounts receivable: $350,000; Inventory: $600,000; Accounts payable:

Consider the following information for a company: Sales (all credit): $6,000,000; Cost of Goods Sold: 80% of Sales; Accounts receivable: $350,000; Inventory: $600,000; Accounts payable: $150,000 What is the approximate Days of Payable Outstanding? Use 1 year = 365 days a)56 days. B)11 days. c)21 days d)46 days.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes

7th Edition

0072866578, 9780072866575

More Books

Students also viewed these Finance questions

Question

Explain the importance of Human Resource Management

Answered: 1 week ago

Question

Discuss the scope of Human Resource Management

Answered: 1 week ago

Question

Discuss the different types of leadership

Answered: 1 week ago

Question

Write a note on Organisation manuals

Answered: 1 week ago