1. MC Enterprises estimates that it takes, on average, 16 days for their customers' payments to reach them, 3 day for the payments to be processed and deposited by their bookkeeping department, and 2 more days for the check to clear once they're deposited. What is their collection float?
2. Suppose that Tucker Industries has annual sales of $5.70 million, cost of goods sold of $2.85 million, average inventories of $1,160,000, and average accounts receivable of $570,000. Assuming that all of Tucker's sales are on credit, what will be the firm's operating cycle? (Round your answer to 2 decimal places.)
3. Suppose that Freddie's Fries has annual sales of $550,000; cost of goods sold of $425,000; average inventories of $14,000; average accounts receivable of $30,000, and an average accounts payable balance of $25,000. Assuming that all of Freddie's sales are on credit, what will be the firm's cash cycle? (Round your answer to 2 decimal places.)