Use the Table for the Question(s)below

question 77

Multiple Choice

Use the table for the question(s) below.
Luther Enterprises Ltd had sales of $850 million and a cost of goods sold of $500 million in 2016.
A simplified balance sheet for the firm appears below:
-Luther's 'Accounts Payable' days figure is closest to:

• A)59 days.
• B)42 days.
• C)48 days.
• D)46 days.

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Definitions:

Incidental Damages

Refers to compensation for additional unforeseen losses that result from a breach of contract.

Care and Custody

Care and custody refer to the responsibility and control over someone or something, particularly regarding the safety, well-being, and maintenance of that person or property.

Breach

The violation or failure to fulfill a duty, obligation, or promise, especially in terms of contract terms.

Warranty

A guarantee provided by the seller or manufacturer concerning the condition of its product, promising to repair or replace it if necessary within a certain period.