Junk bonds are bonds that

Multiple Choice

• have ratings above investment grade.

• have ratings below investment grade.

• are used only for leveraged buyouts.

• are used only for management buyouts.

Accounts receivable include

Multiple Choice

• trade credit.

• consumer credit.

• inventories.

• trade credit and consumer credit.

In fiscal 2017 and 2016, Este Lauder's financial statements included the following items. $ millions Inventory Receivables Payables Sales Cost of goods sold 2017 2016 $ 1,523 $ 1,264 1,381 1,258 2,950 2,349 11,233 11,262 2,291 2,181 What was its cash cycle? Assume 365 days in a year. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.) Cash cycle days