Given the Following Information,calculate the Payables Turnover and Days' Payable

question 47

Essay

Given the following information,calculate the payables turnover and days' payable.Round answers to two decimal places.

$$\begin{array} { l r } \text { Net sales } & \$ 10,000,000 \\\text { Cost of goods sold } & 8,321,000 \\\text { Operating expenses } & 3,000,000 \\\text { Inventory increase } & 125,000 \\\text { Accounts payable, beginning } & 1,617,000 \\\text { Accounts payable, ending } & 1,415,000\end{array}$$

a. Payables turnover
b. Days' payable

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Definitions:

Choanae

The internal openings of the nostrils in the pharynx; posterior nasal apertures.

Epiglottis

A leaf-shaped flap in the throat that prevents food and drink from entering the windpipe during swallowing.

Parietal Pleura

The part of the pleura that lines the inner surface of the chest wall and diaphragm, but does not cover the lungs.

Visceral Pleura

The inner layer of the pleura that covers the lungs, closely adhering to the lung surfaces and extending into the fissures between the lobes.