Given financial information of MEM's Merchandising Co.: Average accounts receivable = P90,000.00, beginning inventories = P300,000.00, ending inventories = P500,000.00, average accounts payable = P700,000.00, Net sales = P2,000,000.00, & gross profit margin = 25% What is the accounts payable turnover ratio? A) 2x B) 3x c) 2.86x D 2.14x

Given financial information of MEM's Merchandising Co.: Average accounts receivable = P90,000.00, beginning inventories = P300,000.00, ending inventories = P500,000.00, average accounts payable = P700,000.00, Net sales = P2,000,000.00, & gross profit margin = 25% What is the accounts payable turnover ratio? A) 2x B) 3x c) 2.86x D 2.14x

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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