Suppose That LilyMac Photography Has Annual Sales of $218,000, Cost

question 75

Multiple Choice

Suppose that LilyMac Photography has annual sales of $218,000, cost of goods sold of $123,000, average inventories of $1,250, and average accounts receivable of $22,000. Assuming that all of LilyMac's sales are on credit, what will be the firm's operating cycle?

• A) 40.54 days
• B) 45.13 days
• C) 41.16 days
• D) 37.82 days

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Definitions:

Rhoda Kellogg

An influential figure in the study of children’s art and developmental psychology, particularly known for her work on the scribbling stage in young children’s artistic development.

Basic Scribbles

The initial form of drawing by children, characterized by repetitive motifs, which is a fundamental stage in the development of graphic representation.

Building Blocks

Fundamental elements or components that serve as the foundation or starting point for construction, learning, or development.

Rough-and-Tumble Play

A form of play that involves physical activities such as running, jumping, chasing, and play-fighting, important for children's social and physical development.