Use the following information extracted from ABC's Income Statement and Balance Sheet to answer questions:Sales £4,200,000; Gross profit £2,700,000; Receivables £630,000; Payables £275,000; Inventory £300,000. ABC calculates its financial ratios based on being open for business 6 days per week for 50 weeks per year
-ABC's days' payables outstanding were:
A) 30
B) 45
C) 50
D) 55
Correct Answer:
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A) The difference between sales
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