Corner Store Industries has annual sales of $662,070 and cost of goods sold of $494,160.The profit margin is 4.4 percent and the accounts payable period is 29 days.What is the average accounts payable balance?

Question

Quizplus · Accepted Answer

The average accounts payable balance can be calculated using the formula: (Cost of Goods Sold / 365 days) * Accounts Payable Period. Here, it is ($494,160 / 365) * 29 = $39,262.

Corner Store Industries Has Annual Sales of $662,070 and Cost