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(c) The information of Lambkin Corporation is shown as follows: Item Account receivable Account payable Inventory Beginning ($) 20,000 15,000 30,000 Ending ($) 30,000 22,000
(c) The information of Lambkin Corporation is shown as follows: Item Account receivable Account payable Inventory Beginning ($) 20,000 15,000 30,000 Ending ($) 30,000 22,000 38,000 Total sales for the year just ended were $200,000 with 60% of cash sales and cost of goods sold was $120,000. Calculate the cash cycle for Lambkin. Assume 365 days per year. (8 marks)
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