Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suppose that LilyMac Photography has annual sales of $ 2 2 7 , 0 0 0 , cost of goods sold of $ 1 6

Suppose that LilyMac Photography has annual sales of $227,000, cost of goods sold of $162,000, average inventories of $5,800, average accounts receivable of $27,600, and an average accounts payable balance of $18,500.
Assuming that all of LilyMac's sales are on credit, what will be the firm's cash cycle? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
image text in transcribed

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

Managerial Finance

Authors: Alan Parkinson

1st Edition

0750618264, 978-0750618267

More Books

Students also viewed these Finance questions

Question

Why are employees considering union representation?

Answered: 1 week ago

Question

What is the total annual turnover rate?

Answered: 1 week ago