Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Libscomb Technologies' annual sales are $5,878,003 and all sales are made on credit, it purchases $4,104,709 of materials each year (and this is its cost

Libscomb Technologies' annual sales are $5,878,003 and all sales are made on credit, it purchases $4,104,709 of materials each year (and this is its cost of goods sold). Libscomb also has $519,973 of inventory, $569,238 of accounts receivable, and $481,233 of accounts payable. Assume a 365 day year.

What is Libscombs Operating Cycle (in days)? Round answer to 2 decimal places (hint: round to 4 decimal places for intermediate calculations).

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

Fundamentals Of Corporate Finance

Authors: Stephen A Ross, Randolph W Westerfield, Bradford D Jordan

7th Edition

0073134295, 9780073134291

More Books

Students also viewed these Finance questions

Question

1. What will happen in the future

Answered: 1 week ago

Question

3. Avoid making mistakes when reaching our goals

Answered: 1 week ago