Using the information provided, what is the accounts payable cycle for the firm? Perfect Purchase Electronics Selected Income Statement Items, 2014 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Perfect Purchase Electronics Selected Balance Sheet Accounts 12/31/2014 12/31/2013 Change Accounts Receivable $270,000 $240,000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110,000 $90,000 $20,000
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