Question
Eazy Co. financial data 2018 2019 2020 Accounts Payable $170,000 $190,000 $240,000 Beginning Inventory - 113,000 133,000 Ending Inventory 113,000 133,000 123,000 Cost of Goods
Eazy Co. financial data 2018 2019 2020 Accounts Payable $170,000 $190,000 $240,000 Beginning Inventory - 113,000 133,000 Ending Inventory 113,000 133,000 123,000 Cost of Goods Sold 505,000 625,000 845,000 Using the above financial data for Eazy Co. calculate the accounts payable turnover rate and average payment period for 2018, 2019 & 2020. For 2018, use year end balances instead of average balances. (Round accounts payable turnover ratio to 2 decimal places, e.g. 15.25 and average payment period to 1 decimal place, e.g. 15.2. Use 365 days for calculations.) 2018 2019
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