The Greek Connection had sales of $30.3 million in 2018, and a cost of goods sold of

$12.1 million. A simplified balance sheet for the firm appears below:

Assets THE GREEK CONNECTION Balance Sheet As of December 31, 2018

(in $ thousand)

Liabilities and Equity Cash $ 1,954

$ 7,492

$ 8,500

$ 15,992 Accounts payable Accounts receivable 4,107 Notes payable Inventory 1,431

$ 1,469

$ 3,689

$ 3,000

$ 9,303

$ 6,689

$ 15,992 1,000 Accruals 1,220 Total current assets Total current liabilities Long-term debt Net plant, property, and equipment Total liabilities Total assets Common equity Total liabilities and equity

a. Calculate The Greek Connection’s net working capital in 2018.

b. Calculate the cash conversion cycle of The Greek Connection in 2018.

c. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2018 had it matched the industry average for accounts receivable days?