The Greek Connection had sales of $32 million and a cost of goods sold of $12.8 million in 2015. A simplified balance sheet for the firm appears below:

a. Calculate The Greek Connection’s net working capital in 2015.

b. Calculate the cash conversion cycle of The Greek Connection in 2015.

c. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2015 had it matched the industry average for accounts receivable days?

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Assets Cash Accounts receivable Inventory Total current assets Net plant, property, and equipment Total assets THE GREEK CONNECTION Balance Sheet As of December 31, 2015 (in $ thousand) $ 1,954 4,414 1,414 $ 7,782 $ 8,500 $ 16,282 Liabilities and Equity Accounts payable Notes payable Accruals Total current liabilities Long-term debt Total liabilities Common equity Total liabilities and equity $ 1,300 1,000 1,220 $ 3,520 $3,000 $ 6,520 $ 9,762 $ 16,282