Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Lane Incorporated has the following values on the financial statements: Inventory beginning balance $12,000, ending balance $13,000. Accounts Receivable beginning balance $7,000 and $7,300 ending

image text in transcribed
Lane Incorporated has the following values on the financial statements: Inventory beginning balance $12,000, ending balance $13,000. Accounts Receivable beginning balance $7,000 and $7,300 ending balance. Accounts Payable beginning balance is $9,200 and ending balance is $9,600. Credit sales of $100,000 and Cost of goods sold of $80,000. Calculate the operating and cash cycles. (Use 365 days a year. Do not round intermediate calculations. Round the final answers to 2 decimal places.) Inventory turnover in days (round to 2 decimals) Receivable period in days (round to 2 decimals) Operating cycles in days (round to 2 decimals) Payables turnover in days (round to 2 decimals) The firm is receiving cash on average days after it pays its bills. (round to 2 decimals)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Acct 1100 Financial Accounting 1 25 Edition

Authors: Carl S. Warren ,James M. Reeve ,Jonathan E. Duchac

1st Edition

1285558839, 978-1285558837

More Books

Students also viewed these Accounting questions

Question

What is Aufbau's rule explain with example?

Answered: 1 week ago

Question

Write Hund's rule?

Answered: 1 week ago

Question

How autonomous should the target be left after the merger deal?

Answered: 1 week ago