1. Lobster World stores approximately 1,000 pounds of fish on average. In a typical day, the busy...

Question:

1. Lobster World stores approximately 1,000 pounds of fish on average. In a typical day, the busy restaurant cooks and sells 360 (raw) pounds of fish. How long do the fish stay in storage on average?
2. Gamma Bank processes a typical loan application in 2.4 weeks. Customers fill out 30 loan applications per week. On average how many loan applications are being processed somewhere in the system at Gamma Bank?
3. Fisher's Furniture Store sells $800,000 worth of furniture to customers on credit each month. The balance in the accounting books averages $2 million. On average, how long are customers taking to pay their bills?
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...