The Greek Connection had sales of $32 million in 2013, 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 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 matched the industry average for accounts receivable days (see MyFinanceLab for the data in Excel format)?

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The Greek Connection Balance Sheet as of December 31, 2013 (thousands of dollars) Liabilities and Equity $2,000 Accounts payable 1,500 1,000 1,220 $ 3,720 $ 3,000 $ 6,720 $ 9,030 $ 15,750 3,950 Notes payable 1,300 Accruals Accounts receivable Inventory Total current assets Net plant, property, and equipment $7,250Total curent liabilities 8,500 Long-term debt Total liabilities Total assets $15,750 Common equity Total liabilities and equity