On a common-size balance sheet, each line item is expressed as a percentage of:

current assets.

operating income.

total assets.

net income.

What is accounts payable turnover?

A ratio calculated as Purchases divided by ending balance in Accounts Payable.

A ratio calculated as Cost of Goods Sold divided by average Accounts Payable.

A ratio calculated as Purchases divided by average Accounts Payable.

B and C