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Question - Sonic Corporation has an inventory conversion period of 87 days, average collection receivables (average collection period) for 42 days, and the average debt repayment (payables deferral period) 30 days.
Required -
a. How long is the company's cash conversion cycle?
b. If Sonic's annual sales are $4,378,532 and all sales are in the form of credit, how much is the investment in accounts receivable?
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