Suppose that LilyMac Photography has annual sales of $221,000, cost of goods sold of $156,000, average inventories of $6,400, average accounts receivable of $28,800, and an average accounts payable balance of $19,100. 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.)
Suppose that LilyMac Photography has annual sales of $221,000, cost of goods sold of $156,000, average inventories of $6,400, average accounts receivable of $28,800, and an average accounts payable balance of $19,100. 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.)
Chapter17: The Management Of Cash And Marketable Securities
Section: Chapter Questions
Problem 2P
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SUBJECT -GENERAL ACCOUNT
Transcribed Image Text:Suppose that LilyMac Photography has annual sales of $221,000,
cost of goods sold of $156,000, average inventories of $6,400,
average accounts receivable of $28,800, and an average accounts
payable balance of $19,100. 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.)
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