Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Problem 14-15 Cash Cycle (LG14-3) Suppose that LilyMac Photography has annual sales of $225,000, cost of goods sold of $160,000, average inventories of $6,000, average
Problem 14-15 Cash Cycle (LG14-3) Suppose that LilyMac Photography has annual sales of $225,000, cost of goods sold of $160,000, average inventories of $6,000, average accounts receivable of $28,000, and an average accounts payable balance of $18,700. Assuming that all of LilyMacs sales are on credit, what will be the firms cash cycle? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.) Cash cycle days
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started