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:
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 have been the cash conversion cycle for The Greek Connection in 2018 had it matched the industry average for accounts receivable days?

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