Question
Miami Corporation has the following income statement and balance sheet: Net Sales, $50,000,000; Cost of Goods Sold, $40,000,000; Accounts Receivable, $5,000,000; Inventory, $6,000,000; Accounts Payable,
Miami Corporation has the following income statement and balance sheet: Net Sales, $50,000,000; Cost of Goods Sold, $40,000,000; Accounts Receivable, $5,000,000; Inventory, $6,000,000; Accounts Payable, $3,000,000. Rounded to the nearest day, what is the length of the company's cash cycle?
- A. 55 days
- B. 64 days
- C. 82 days
- D. 93 days
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Financial Accounting: A Business Process Approach
Authors: Jane L. Reimers
3rd edition
978-0136115274
