Assume that a company had an accounts payable balance of $50 million at the end of the prior year and a balance in accounts payable of $57 million at the end of the current year. Inventory at the end of the current year is $130 million and Cost of Goods Sold for the current year is $544 million. What is accounts payable turnover for the current year? Round your answer to the nearest whole number (i.e., no decimal places).

Assume that a company had an accounts payable balance of $50 million at the end of the prior year and a balance in accounts payable of $57 million at the end of the current year. Inventory at the end of the current year is $130 million and Cost of Goods Sold for the current year is $544 million. What is accounts payable turnover for the current year? Round your answer to the nearest whole number (i.e., no decimal places).

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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