PART (B)

The Greek Connection had sales of $32 million in 2018, and a cost of goods sold of $20 million. A simplified balance sheet for the firm appears below:

THE GREEK CONNECTION Balance Sheet As of December 31, 2018 ($ thousands) Assets Liabilities and Equity Cash $ 2,000 Accounts payable $ 1,500 Accounts receivable 3,950 Notes payable 1,000 Inventory 1,300 Accruals 1,220 Total current assets $ 7,250 Total current liabilities $ 3,720 Long-term debt 3,000 Net plant, property, Total liabilities $ 6,720 and equipment $ 8,500 Common equity 9,030 Total assets $ 15,750 Total liabilities and equity $ 15,750 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