Heritage, Inc., had a cost of goods sold of $45,321. At the end of the year, the accounts payable balance was $8,513. How long on average did it take the company to pay off its suppliers during the year

The company took 69 days to pay off its suppliers during the year.

Explanation:

Account payable days are the average number of days that a company takes to pay its supplier.

Account Payable days = (Account Payable / Cost of goods sold) x 365

Account Payable days = ($8,513 / 45,321) x 365

Account Payable days = 68.56 days

Account Payable days = 69 days