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On December 31st Dalton, Inc has cost of goods sold of $550,000, ending inventory is $102,000,...

Question:

On December 31st Dalton, Inc has cost of goods sold of $550,000, ending inventory is $102,000, beginning inventory is $120,000, and average accounts payable is $114,000. What is the accounts payable turnover?

a. 2.88

b. 4.98

c. 4.67

d. 7.77

Financial Accounting

Financial accounting refers to the preparation and presentation of financial reports. It utilizes accounting standards to collect and present accounting information in a detailed and systematic manner. Financial accounting reports are used by external users to make well-informed investment decisions.

Answer and Explanation:

Answer: Option b.

Accounts payable turnover ratio = total purchases/accounts payable average.

But purchases =cost of sales+ end stock-...

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