Use the following data to answer the following three questions Lazy O Corporation Selected Financial Data Current assets $65,000 Current liabilities 60,000 Accounts receivable 15,000 Inventories 20,000 Accounts payable 40,000 Net sales 365,000 Cost of goods sold 280,000

6. Lazy O's average collection period is: *

a. 15 days

b. 24 days

c. 9 days

d. 4 days

e. None of the above

7. Lazy O's inventory turnover is: *

a. 7 times

b. 9 times

c. 14 times

d. 18 times

e. None of the above

8. Lazy O's net trade cycle is: *

a. 5 days

b. (11 days)

c. 35 days

d. 20 days

e. None of the above