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Suppose that LilyMac Photography has annual sales of $224,000, cost of goods sold of $159,000, average inventories of $6,100, average accounts receivable of $28,200, and
Suppose that LilyMac Photography has annual sales of $224,000, cost of goods sold of $159,000, average inventories of $6,100, average accounts receivable of $28,200, and an average accounts payable balance of $18,800. 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 and round your final answer to 2 decimal places.)
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