The Greek Connection had sales of

$ 29.9

million and a cost of goods sold of

$ 12.0

million in 2013. A simplified balance sheet for the firm appears? below:

a. Calculate The Greek? Connection's net working capital in 2013.

b. Calculate the cash conversion cycle of The Greek Connection in 2013.

c. The industry average accounts receivable days is 30 days. What would have been the cash conversion cycle for The Greek Connection in 2013 had it met the industry average for accounts receivable? days? (Hint: Use a ? 365-day year.)

THE GREEK CONNECTION
BALANCE SHEET as of December? 31, 2013 ?(thousands of? dollars)

Assets			Liabilities and Equity
Cash	?$1,557		Accounts payable	?$1,496
Accounts receivable	4,301		Notes payable	1,000
Inventory	1,122		Accruals	1,220
Total current assets	?$6,980		Total current liabilities	?$3,716
Net? plant, property, and equipment	?$8,500		?Long-term debt	?$3,000
Total assets	?$15,480		Total liabilities	?$6,716
			Common equity	?$8,764
			Total liabilities and equity	?$15,480