A Co, a biotechnology company, reported cost of sales of $345.2 million and trade payables of $121.6 million for 20X3. In 20X2, cost of sales was $300.8 million and trade payable was $103.9 million. What was A Co's trade payables turnover ratio in 20X3?
A) 2.84
B) 2.86
C) 2.90
D) 3.06

Question

Quizplus · Accepted Answer

Calculation: $345.2 ÷ [($121.6 + $103.9)/2] = 3.06.

A Co, a Biotechnology Company, Reported Cost of Sales of $345.2