Use the financial statements supplied$$ here, LOADING... $,$ for the International Motor Corporation $($IMCIMC$)$ to answer the following$$ questions:

a$.$ Calculate the cash conversion cycle for IMCIMC for both $20222022$ and $20232023.$ What change has$$ occurred, if$$ any? All else being$$ equal, how does this change affect IMCIMC$\text{'}$s need for$$ cash?

b$.$ IMCIMC$\text{'}$s suppliers offer terms of net $30.$ Does it appear that IMCIMC is doing a good job of managing its accounts$$ payable?

$($Hint$$: use a$365-$day year.$)$

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Part $1$

a$.$ Calculate the cash conversion cycle for IMCIMC for both $20222022$ and $20232023.$ What change has$$ occurred, if$$ any? All else being$$ equal, how does this change affect IMCIMC$\text{'}$s need for$$ cash?

The cash conversion cycle$($CCC$)$ for $20222022$ is enter your response here days.$($Round to two decimal$$ places.$)$ International Motor Corporation

Income Statement $($in millions$)$ for the years ending December $31$

$20222023$

Sales $60,00075,000$

Cost of goods sold $52,00061,000$

Gross profit $8,00014,000$

Selling, general, and administrative expenses $6,0008,000$

Operating profit $2,0006,000$

Interest expense $1,4001,300$

Earnings before taxes $6004,700$

Taxes $3002,350$

Earnings after taxes $3002,350$