Problemsuppose that lilymac photography has annual sales of, Ask an Expert

Accounting

Problem:

Suppose that LilyMac Photography has annual sales of $234,000, cost of goods sold of $169,000, average inventories of $4,900, and average accounts receivable of $25,400. Assume that all of LilyMac's sales are on credit.

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Question: What will be the firm's operating cycle?

Note: Please explain comprehensively and give step by step solution.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91171830

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