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Calculate the average days payable

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Reference no: EM132684560

Your job involves financial modeling. You gather the following information from pro forma financial statements for the upcoming year.

Sales $180,000
Cost of goods sold $120,000
Accounts payable $19,000
Accounts receivable $27,000
Total assets $72,000
Inventory $16,000

After building in many other assumptions, your preliminary analysis indicates that the external financing needed (EFN) for the coming year will be $7,000.

Problem a. Calculate the average days payable (ADP) that was assumed when deriving the initial amount of EFN (i.e., $7,000) from the preliminary model.

Reference no: EM132684560

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