The Greek Connection had sales of $32 million in 2012, 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 2012.
b. Calculate the cash conversion cycle of The Greek Connection in 2012.
c. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2012 had it matched the industry average for accounts receivabledays?

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THE GREEK CONNECTION Balance Sheet As of December 31, 2012 (in S thousand) Assets Cash Accounts receivable Inventory Total current assets Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Total liabilities Common equity Total liabilities and equity S 2,000 3,950 1,300 S 7,250 $ 1,500 1,000 1,220 S 3,720 3,000 S 6,720 9,030 15,750 Net plant, property, and equipment Total assets $ 8,500 15,750