Please provide this question solution general accounting Suppose that LilyMac Photography has annual sales of $222,000, costof goods sold of $157,000, average inventories of $6,300, averageaccounts receivable of $28,600, and an average accounts payablebalance of $19,000.Assuming that all of LilyMac's sales are on credit, what will be thefirm's cash cycle? (Use 365 days a year. Do not round intermediatecalculations. Round your final answer to 2 decimal places.)

Step 1: Define Cash CycleThe average time that is taken by a business to convert its payables into…

Answered: Suppose that LilyMac Photography has…

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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