Saveway Grocery Stores had a beginning accounts payable balance of $150,000 and an ending accounts payable balance
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Saveway Grocery Stores had a beginning accounts payable balance of $150,000 and an ending accounts payable balance of $225,000. Sales for the period were $1,670,000 and costs of goods sold were $1,018,000. What is the payables turnover rate? Saveway's CFO has noticed that in recent periods the payables turnover has been decreasing and the company often has a cash surplus. Why might this be happening?
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