Paragraph WORKING CAPITAL MANAGEMENT 4.1 Explain the principle of self-liquidating debt in the working capital policy. 4.2 Explain the following two popular measures of working capital efficiency. a) Operating cycle b) Cash conversion cycle (TOTAL: 25 MARKS) (3 marks) (6 marks) 4.3 Following is the financial information of Hoyden Limited for the period ended 31 March 2022. I Credit Sales $14,200,250 Cost of goods sold $11,650,000 Accounts receivable $ 2,036,600 Closing inventory $ 824,000 Accounts payable a) Calculate the operating cycle for Hoyden Limited. $ 1,522,350 b) Calculate the cash conversion cycle for Hoyden Limited. (3 marks) (4 marks) c) One of Hoyden Limited's suppliers has offered a trade credit term of 2/15, net 40' that involves a cash discount for early payment. Calculate the annual cost of not taking the cash discount. (4 marks) d) The company has a $200,000 line of credit with an interest rate of 4.4% per annum. The loan period is six months, and it requires a compensating balance equal to 5% of the total amount borrowed. In addition, the loan interest will be discounted. Calculate the annual percentage rate (APR) for the line of credit. (5 marks) standi ility Investigate