Your accountant suspects a mistake in the computation of the payables period, which has been reported at 54.75 days. Calculate the correct payables period, given the following: annual sales = $1,200,000, annual cost of goods sold = $700,000, average accounts payable = $105,000.
A) 54.75 days
B) 179.58 days
C) 212.92 days
D) 31.94 days
Answer: A) 54.75 days
Business
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