6. The Greek Connection had sales of $32 million in 2015, and a cost of goods sold of

$20 million. A simplified balance sheet for the firm appears below:

a. Calculate The Greek Connection’s net working capital in 2015.

b. Calculate the cash conversion cycle of The Greek Connection in 2015.

c. The industry average accounts receivable days is 30 days. What would have been the cash conversion cycle for The Greek Connection in 2015 had it matched the industry average for accounts receivable days (see for the data in Excel format)?

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Assets Cash Accounts receivable Inventory Total current assets The Greek Connection Balance Sheet as of December 31, 2015 Net plant, property, and equipment Total assets (thousands of dollars) Liabilities and Equity $2,000 Accounts payable $1,500 3,950 Notes payable 1,000 1,300 Accruals 1,220 $ 7,250 Total current liabilities $ 3,720 8,500 Long-term debt $3,000 Total liabilities $ 6,720 $ 15,750 Common equity $ 9,030 Total liabilities and equity $ 15,750