Students also viewed
Sets found in the same folder
Other sets by this creator
Cash conversion cycle American Products is concerned about managing cash efficiently. On the average, inventories have an age of 90 days, and accounts receivable are collected in 60 days. Accounts payable are paid approximately 30 days after they arise. The firm has annual sales of about $30 million. Cost of goods sold are$20 million, and purchases are $15 million.
c. Calculate the amount of resources needed to support the firm’s cash conversion cycle.
According to the Internal Revenue Service, the mean tax refund for the year 2007 was $2,708. Assume the standard deviation is$650 and that the amounts refunded follow a normal probability distribution. a. What percent of the refunds are more than $3,000? b. What percent of the refunds are more than$3,000 but less than $3,500? c. What percent of the refunds are more than$2,500 but less than $3,500?