Which of the following steps is most likely to decrease a company's cash conversion cycle (assume that none of the following actions has any impact on sales or COGS)? Note: there more be more than one answer for this questions - record the letter of all that apply (this is an all or nothing answer).

a. Change its receivables policy from net 45 to net 35 (note that this action will decrease the firm's average collection period from 45 days to 35 days).

b. Change its payables policy to pay bills in 30 days instead of in 40 days.

c. Decrease the inventory conversion period from 50 days to 40 days.

d. Reduce the firm's notes payable (i.e., bank loan) balance by 20%.

e. None of the actions listed above will decrease the firm's cash conversion cycle