homework FIN

2. Wycliff Contractors, Inc., has the following monthly purchasing schedule and ending accounts payable: Dec. Jan. Feb. Mar. Apr May June Purchases $400 $375 $350 $325 $400 $500 $650 Ending payables 342 320 297 345 430 555 a. Calculate the days payables outstanding for March, April, May, and June using quarterly purchases to calculate the average daily purchases. b. The following table shows the amount of payables remaining in successive months for purchases made during the January through June period of operations. Convert the table to a balance fraction matrix. Accounts Payable Balances Purchases Jan. Feb. Mar Apr. May June Jan. $375 $262 $75 Feb 350 245 $70 Mar. 325 227 $65 Apr. 400 280 $80 May 500 350 $100 June 650 455 $320 $297 $345 $430 $555