Using the Income Statements and Balance Sheets for Smolira, Inc. to compute purchases and payable turnover for 2008-2010. The inventory at the beginning of 2008 is $150,000. Find the following: 1. Purchases in 2008, 2009, 2010. 2. Payable turnover in 2008, 2009, 2010. 3. Comment on the changes in the firm's payable turnover with respect to liquidity. The firm is taking a longer time to make payments to the supplier, suggesting better liquidity. The firm is taking a longer time to make payments to the supplier, suggesting worse liquidity. The firm is taking a shorter time to make payments to the supplier, suggesting better liquidity.

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