A company reports purchases of $388,000, a beginning accounts payable balance of $27,000, and an ending accounts

Question:

A company reports purchases of $388,000, a beginning accounts payable balance of $27,000, and an ending accounts payable balance of $48,000. All purchases were on account. The company’s accounts payable turnover would be closest to:

a. 7.26

b. 8.33

c. 10.33

d. 14.06

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...

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