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The following figures appear on LaGrange’s financial statements for the most recent fiscal year: Cost of Goods Sold       $1,960,000 Beginning Inventory            238,000 Ending Inventory                 278,000 Accounts Payable               182,000 What is the age of this company’s accounts payable?     Responses 33.2 days 35.3 days 34.7 days 33.9 days

The following figures appear on LaGrange’s financial statements for the most recent fiscal year: Cost of Goods Sold       $1,960,000 Beginning Inventory            238,000 Ending Inventory                 278,000 Accounts Payable               182,000 What is the age of this company’s accounts payable?     Responses 33.2 days 35.3 days 34.7 days 33.9 days

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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The following figures appear on LaGrange’s financial statements for the most recent fiscal
year:

Cost of Goods Sold       $1,960,000

Beginning Inventory            238,000

Ending Inventory                 278,000

Accounts Payable               182,000

What is the age of this company’s accounts payable?

 
 
Responses
  • 33.2 days
  • 35.3 days
  • 34.7 days
  • 33.9 days
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