Answer? ? financial accounting Suppose that Ken-Z Art Gallery has annual sales of $880,000,cost of goods sold of $570,000, average inventories of$156,000, average accounts receivable of $125,000, and anaverage accounts payable balance of $84,000. Assuming thatall of Ken-Z s sales are on credit, what will be the firm's cashcycle days? (Use 365 days a year.)

Step 1: Define Average Accounts ReceivableAverage accounts receivable is mean value of the accounts…

Answered: Suppose that Ken-Z Art Gallery has…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2MC

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Suppose that Ken-Z Art Gallery has annual sales of $870,000, cost of goods sold of $560,000, average inventories of $244,500, average accounts receivable of $265,000, and an average accounts payable balance of $79,000. Assuming that all of Ken-Z'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.)
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