Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

MARINA Company reports the following for 2020 Sales Revenue: $10,000,000 Cost of Sales: $1,500,000 Inventory on 1 January 2020: $4,000,000 Inventory on 31 December 2020:

image text in transcribed

MARINA Company reports the following for 2020 Sales Revenue: $10,000,000 Cost of Sales: $1,500,000 Inventory on 1 January 2020: $4,000,000 Inventory on 31 December 2020: $6,000,000 Receivables on 1 January 2020: $3,000,000 Receivables on 31 December 2020: $2,500,000 Payables on 1 January 2020: $1,000,000 Payables on 31 December 2020: $1,500,000 Total Purchases: $7,500,000 MARINA Company uses average statement of financial position figures (rather than end of period figures) when calculating ratios. What is the Number of days of payables for MARINA Company for 2020? (round to two decimal places). Assume 365 days per year. Select one: O a. 62.45 Days O b. 61.25 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

Step: 3

blur-text-image

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

Accountability Ethics And Sustainability Of Organizations

Authors: Sandro Brunelli, Emiliano Di Carlo

3rd Edition

3030311929, 9783030311926

More Books

Students also viewed these Accounting questions

Question

Contrast compensation and overcompensation in Adlers theory.

Answered: 1 week ago

Question

What was the positive value of Max Weber's model of "bureaucracy?"

Answered: 1 week ago