Answer the following quesion based on Major, Inc.'s comparative balance sheet and income statement.

Major Company Comparative Balance Sheets
December 31	2012	2011
Cash	$29,700	$10,200
Accounts receivable (net)	53,400	20,300
Inventory	39,000	42,000
Long-term investments	0	15,000
Plant Assets, net of depreciation	180,900	125,000
	$303,000	$212,500
Accounts payable	$16,000	$26,500
Wage payable	20,000	10,000
Dividends payable	8,000	7,000
Long-term notes payable	40,000	50,000
Common stock	150,000	90,000
Retained earnings	69,000	29,000
	$303,000	$212,500

Major Company Income Statement
Year ended December 31, 2012
Sales Revenue	340,000
Cost of goods sold	(200,000)
Operating expense	(58,400)
Depreciation expense	(10,600)
Gain on sale of investments	4,000
Net income	75,000

Other Available Information:

1. During 2012, Major, Inc didn't sell plant asset and didn't purchase additional investment

2. Dividends were declared and some were paid to common stockholders during the year. No shares were repurchased during the year.

3. No shares were repurchased and no new debt was issued.

4. All the transactions related to plant assets, investment, long-term debt, dividends, and common stock only involve cash.

Required:

Compute the account payable turnover ratio in year 2012.