Financial accounting question Question:Suppose that LilyMac Photography has annual sales of $240,000,cost of goods sold of $175,000, average inventories of $5,500,average accounts receivable of $27,000, and an averageaccounts payable balance of $18,200.Assuming that all of LilyMac's sales are on credit, what will be thefirm's cash cycle? (Use 365 days a year. Do not roundintermediate calculations and round your final answer to 2 decimalplaces.)

Explanation: Cash cycle is calculated by adding days sales outstanding with days inventory…

Answered: Question: Suppose that LilyMac…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter17: The Management Of Cash And Marketable Securities

Section: Chapter Questions

Problem 2P

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Suppose that LilyMac Photography has annual sales of $233,000, cost of goods sold of $168,000, average inventories of $4,800, average accounts receivable of $25,600, and an average accounts payable balance of $7,300. 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.) What will be the firm's operating cycle? (Use 365 days a year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)
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