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?
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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from Accounting 201: Intermediate Accounting IChapter 12 / Lesson 1