Consider the following financial statement information for the Zacee Corporation
ID: 2716321 • Letter: C
Question
Consider the following financial statement information for the Zacee Corporation for 2013:
Items
Beginning
Ending
Inventory
$7,708
$7,866
Accounts Receivable (A/R)
$87,309
$92,819
Accounts Payable (A/P)
$19,531
$20,035
Credit Sales
$144,077
Cost of Goods Sold (COGS)
$126,215
What are the inventory period, accounts receivable period, and accounts payable period?
20; 260; 57 days
23; 260; 57 days
23; 228; 50 days
23; 228; 57 days
20; 228; 57 days
Items
Beginning
Ending
Inventory
$7,708
$7,866
Accounts Receivable (A/R)
$87,309
$92,819
Accounts Payable (A/P)
$19,531
$20,035
Credit Sales
$144,077
Cost of Goods Sold (COGS)
$126,215
Explanation / Answer
inventory period, accounts receivable period, and accounts payable period = 23; 228; 57 days
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