Answered step by step
Verified Expert Solution
Question
1 Approved Answer
value: 8.34 points Problem 14-15 Cash Cycle (LG14-3) Suppose that LilyMac Photography has annual sales of $239,000, cost of goods sold of $174,000, average inventories
value: 8.34 points Problem 14-15 Cash Cycle (LG14-3) Suppose that LilyMac Photography has annual sales of $239,000, cost of goods sold of $174,000, average inventories of $5,400, average accounts receivable of $26,800, and an average accounts payable balance of $7,900 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.) Cash cycle days Hints References eBook &Resources Hint#1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started