2A2M THE FOLLOWING INFORMATION WAS OBTAINED FROM A COMPANY’S FINANCIA...
63.
CSO: 2A2c
LOS: 2A2m
The following information was obtained from a company’s financial statements.
Beginning of the year
End of the year
Inventory
$6,400
$7,600
Accounts receivable
2,140
3,060
Accounts payable
3,320
3,680
Total sales for the year were $85,900, of which $62,400 were credit sales. The cost of
goods sold was $24,500. The company’s payable turnover was
a.
6.7 times.
b.
7.0 times.
c.
16.9 times.
d.
17.8 times.