Response to the following questions:
1. The Dieu Company had sales of $1 million in 1996, with 60% of its sales made on credit. If the average accounts payable are $100,000, what is Dieu's accounts payable turnover?
2. At the end of 1996, Golden Motors Corporation had $10 billion of accounts payable. If this balance is representative of GM's payables, and if it takes GM 30 days to pay on its accounts, how much did GM have in credit purchases during 1996?