Homework Answers
ANSWER:
OPTION D: 24.82
EXPLANATION:
Accounts payable turnover ratio = cost of goods sold/average accounts payable
average accounts payable = (beginning accounts payable + ending accounts payable)
= ($12000 + $22000)/2 = $17000
accounts payable turnover ratio = $250000/$17000
= 14.71 days
therefore,
DPO = 365/accounts payable turnover ratio
= 365/14.71
= 24.82
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know I have to use the accounts payable turnover formula and the
turnover expressed in days formula. The formulas are:
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