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Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net...

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Finance

Given the balance sheet for Seneca Maintenance Company, Also given: Sales $120,000 (80% Credit), Net Income $31,500

SENECA MAINTENANCE COMPANY Balance Sheet

Assets

Liabilities

Cash

$15,000

Accounts Payable

$21,000

Accts. Receivable

22,000

Notes Payable

20,000

Inventory

30,000

Accrued Expenses

5,000

Current Assets

67,000

Current Liabilities

46,000

Net Capital Assets

73,000

Long-term Debt

30,000

Shareholders Equity

64,000

Total Assets

$140,000

Total Liabilities

$140,000

CALCULATE ACCOUNTS PAYABLE TURNOVER

6.42

5.71

4.57

3.45

Answer & Explanation Solved by verified expert
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