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Category > Business & Finance Posted 02 Jun 2017 My Price 11.00

The Greek Connection had sales of $32 million in 2010, and a cost of goods sold of

The Greek Connection had sales of $32 million in 2010, 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 2010.

b. Calculate the cash conversion cycle of The Greek Connection in 2010.

c. The industry average accounts receivable days is 30 days. What would the cash conversion cycle for The Greek Connection have been in 2010 had it matched the industry average for accounts receivable days ( see MyFinanceLab for the data in Excel format )?

 

The Greek Connection

Balance Sheet as of December 31, 2010 (thousands of dollars)

 

Assets

  

Liabilities and Equity

  

Cash

$ 2,000

Accounts payable

$ 1,500

Accounts receivable

3,950

Notes payable

1,000

Inventory

1,300

Accruals

1,220

Total current assets

$ 7,250

Total current liabilities

$ 3,720

Net plant, property, and equipment

8,500

Long-term debt

$ 3,000
   

Total liabilities

$ 6,720

Total assets

$ 15,750

Common equity

$ 9,030
   

Total liabilities and equity

$ 15,750

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Status NEW Posted 02 Jun 2017 03:06 AM My Price 11.00

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