The Controller of Company has gathered the ff: Beginning Ending Inventory P6,400.00 P7,600.00 Accounts receivable 2,140.00...
The Controller of Company has gathered the ff:
Beginning Ending
Inventory P6,400.00 P7,600.00
Accounts receivable 2,140.00 3,060.00
Accounts payable 3,320.00 3,680.00
Total sales were P85,900.00, of which P62,400.00 were credit sales. COGS is P24,500.00. Compute for the Company’s payables turnover ratio for the year
Homework Answers
| Average Accounts payable =(3320+3680)/2 = 3500 | ||||
| Computation of Purchase: | ||||
| COGS | 24500 | |||
| Add: Ending inventory | 7600 | |||
| Total Material available | 32100 | |||
| Less: Beginning inventory | -6,400 | |||
| Purchases | 25,700 | |||
| Payable Turnover ratio: | ||||
| Purchase for the year | 25,700 | |||
| Divide: Average Accounts payable | 3,500 | |||
| Payable turnover ratio | 7.34 | |||
Add Answer to:
The Controller of Company has gathered
the ff:
Beginning Ending
Inventory P6,400.00 P7,600.00
Accounts receivable
2,140.00...
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