Analyzing average accounts payable, Accounting Basics

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Analyzing average accounts payable

Assignment:

A chain of appliance stores, APP Corporation, purchases inventory with a net price of $500,000 each day. The company purchases the inventory under the credit terms of 2/15, net 40. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP?

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Accounting Basics: Analyzing average accounts payable

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