Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Calvani, Inc., has a cash cycle of 39 days, an operating cycle of 54 days, and an inventory period of 22.5 days. The company reported
Calvani, Inc., has a cash cycle of 39 days, an operating cycle of 54 days, and an inventory period of 22.5 days. The company reported cost of goods sold in the amount of $356,000, and credit sales were $579,000. What is the companys average balance in accounts payable and accounts receivable? (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Average accounts payable | $ |
Average accounts receivable | $ |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started