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The Greek Connection had sales of $32 million in 2012

The Greek Connection had sales of $32 million in 2012The Greek Connection had sales of $32 million in 2012, and a cost of goods sold of $20 million. A simplified balance sheet for the firm appears below:
THE GREEK CONNECTION
Balance Sheet
As of December 31, 2012 (in $ thousand)
Assets
Liabilities and Equity
Cash
Accounts receivable
Inventory
$ 2,000
3,950
1,300
Accounts payable
Notes payable
Accruals
$ 1,500
1,000
1,220
Total current assets

$ 7,250

Total current liabilities
Long-term debt
$ 3,720
3,000
Net plant, property,
and equipment

$ 8,500
Total liabilities
Common equity
$ 6,720
9,030
Total assets
$ 15,750
Total liabilities and equity
$ 15,750
a. Calculate The Greek Connection’s net working capital in 2012.
b. Calculate the cash conversion cycle of The Greek Connection in 2012.
c. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2012 had it matched the
industry average for accounts receivable days

 

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