8. Gates Industries' balance sheet and income statement for 2020 are as follows: Balance Sheet Cash $10.0 Accounts Payable $15.0 A/R 15.0 Accruals 3.0 Inventory 12,0 Long-Term Debt 15.00 Fixed Assets 30.0 Equity 34.0 Total Assets $67.0 Total Liab. & Equity $67.0 Income Statement Sales $125.0 Cost of Goods Sold 75.0 Selling, Gen., Adm. 30.0 Other Expenses 13.0 Net Income $ 7.0 a) What is the firm's Working Capital? b) Determine the length of the firm's Cash Conversion Cycle c) Explain the meaning of the number you calculated in part (b). What does it tell you about the firm's Working Capital policy? VLAS