Do not use chatgpt on this question The Greek Connection had sales of $32 million in 2009, and a cost of goods sold of $18.0 million. Asimplified balance sheet for the firm appears below:THE GREEK CONNECTIONBalance SheetAs of December 31, 2009 (thousands of dollars)AssetsLiabilities and EquityCash$2,000 Accounts payable$1,500Accounts receivable$3,950 Notes payable$1,000Inventory$1,300 Accruals$1,220Total current assets$7,250 Total current liabilities$3,720Net plant, property and equipment $8,500 Long-term debt$3,000Total liabilities$6,720Common equity$9,030Total Assets$15,750 Total liabilities and equity $15,750a. Calculate The Greek Connection's net working capital in 2009.b. Calculate the cash conversion cycle of The Greek Connection in 2009.

Step 1: Define Cash conversion cycleCash conversion cycle denotes the time required to convert the…

Answered: The Greek Connection had sales of $32…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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