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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
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)
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