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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F204af8c0-2a8f-4feb-8ce5-5197569f99e2%2F29dc1f82-718b-4b2c-b465-e31c09975ee8%2Fc6emqoc_processed.png&w=3840&q=75)
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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