FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.
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Transcribed Image Text:Seinfeld Co. recorded purchases of $520,000 during the current year, and 20% of these purchases were made in cash. Seinfeld also indicated that the balance in the accounts payable account was $80,000 in the current year and $110,000 in the prior year. Seinfeld's accounts payable turnover ratio for the current year is 5.66. 5.47. 5.20. 4.38.
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Step 1: Computation of the net credit purchases during the period:
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Step 2: Computation of the amount of average account payable for the period:
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Step 3: Computation of the Seinfeld's accounts payable turnover ratio for the current year:
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