Use the Table for the Question(s)below

question 7

Multiple Choice

Use the table for the question(s) below.
Luther Industries had sales of $980 million and a cost of goods sold of $560 million in 2019.A simplified balance sheet for the firm appears below:
Luther Industries
Balance Sheet
As of December 31,2019
(millions of dollars)
-Luther's cash conversion cycle is closest to:

• A)51 days.
• B)66 days.
• C)71 days.
• D)129 days.

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Definitions:

Agent's Acts

Refers to the actions performed by an individual (the agent) on behalf of another person or entity (the principal) with the principal's consent.

Voluntary Consent

Consent freely given without coercion, where the individual fully understands what they are agreeing to.

Consideration

In contract law, it's the value that is exchanged between parties in a contract, making the agreement legally binding.

Agency Relationships

A relationship in which one party (the agent) agrees to act for another party (the principal) in a business transaction.