Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Suppose that LilyMac Photography has annual sales of $235,000, cost of goods sold of $170,000, average inventories of $5,000, and average accounts receivable of $25,500.

Suppose that LilyMac Photography has annual sales of $235,000, cost of goods sold of $170,000, average inventories of $5,000, and average accounts receivable of $25,500. Assume that all of LilyMacs sales are on credit. What will be the firms operating cycle? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Operating cycle days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

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

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

Students also viewed these Finance questions