During 2019, barry bees, inc.'s sales equal $30,000 and cost of goods sold equals $10,000. its december 31, 2018 accounts payable was $800 and its december 31, 2019 accounts payable is $1,200. barry bee's accounts payable turnover equals times for the year ended december 31, 2019. 10

The accounts payable turnover equals 10 times.

Explanation:

The accounts payable turnover is computed as:

Accounts Payable turnover = Total amount of purchase on credit or COGS / Average Accounts Payable

where

Total amount of purchase on credit or COGS is 10,000

Average Accounts Payable is 1,000

Putting the values in the formula:

= 10,000 / 1,000

= 10 times

Working Note:

Average Accounts Payable = Beginning Accounts Payable + Ending Accounts Payable / 2

= 800 + 1,200 /2

= 2,000 / 2

= 1,000

fractionally backed paper money

fiat money

paper money

metallic money

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