Suppose That LilyMac Photography Has Annual Sales of $290,000, Cost

question 23

Multiple Choice

Suppose that LilyMac Photography has annual sales of $290,000, cost of goods sold of $155,000, average inventories of $3,500, average accounts receivable of $21,000, and an average accounts payable balance of $10,000. Assuming that all of LilyMac's sales are on credit, what will be the firm's cash cycle?

• A) 11.12 days
• B) 13.01 days
• C) 14.99 days
• D) 16.97 days

Understand the distinction between primary and secondary sources of law.

Identify examples of primary and secondary sources of law.

Comprehend the origins and development of common law.

Recognize the role of secondary sources in interpreting and understanding the law.

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Definitions:

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors when judging others' behavior.

Dispositional Factors

Aspects of an individual's personality that influence their behavior and attitudes in various situations.

Self-serving Bias

A cognitive bias where individuals attribute success to internal factors like their abilities or effort, while attributing failures to external factors beyond their control.

Situational Factors

External conditions or events that influence an individual's behavior, decisions, and performance.