Problem 16-05 Accounts Payable

A chain of appliance stores, APP Corporation, purchases inventory with a net price of $650,000 each day. The company purchases the inventory under the credit terms of 2/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar.

$

Problem 17-01 Cross Rates

At today's spot exchange rates 1 U.S. dollar can be exchanged for 11 Mexican pesos or for 111.93 Japanese yen. You have pesos that you would like to exchange for yen. What is the cross rate between the yen and the peso; that is, how many yen would you receive for every peso exchanged? Round your answer to two decimal places.

yen per peso