Selected recent balance sheet and income statement information for Lowell Co. is as follows: (in thousands)...
Selected recent balance sheet and income statement information for Lowell Co. is as follows: (in thousands) 2017 Year-end accounts payable $ 6,000 Average accounts payable 4,200 Sales 100,000 Cost of goods sold 73,000 Days payables outstanding for 2017 is: A. 19.0 B. 20.0 C. 30.0 D. 11.0 E. None of the above
Homework Answers
Answer: The correct answer is E. i.e. None of the above
Accounts Payable Turnover = COGS / Average Accounts
Payable
Accounts Payable Turnover = $73,000 / $4,200
Accounts Payable Turnover = 17.38
Days Payable Outstanding = 365 days / Accounts Payable
Turnover
Days Payable Outstanding = 365/ 17.38
Days Payable Outstanding = 21 days
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