7. ACP and Accounts Receivable Galapagos Garcia, Inc., sells earnings forecasts for Island securities. Its credit terms are 3/10, net 60. Based on experience, 60% of all customers will take the discount a. What is the average collection period for Galapagos Garcia? days Points 5 b. If Galapagos Garcia sells 210 forecasts every month at a price of $ 12,000 each. what is its average balance sheet amount in accounts receivable? (Hint: calculate annual sales then divide by 365 to get daily sales.) $ Points: 5 Do all calculations using 9 decimal places, retain the 9 decimal places throughout the calculations, then when you report answers round to 2 decimal places. Examples: If the answer is in years: i.e., 9.5576 report 9.56 years. If the answer is in dollars, i.e., $56.987.555 report to the nearest cent $56,987.56. If the answer is in percentage terms i.e., 10.4478% report 10.45% If the answer is in times i.e., 4.783 report 4.78 times. You need to be very precise with rounding and reporting. For instance, if the answer is 9 times you must report 9.00, the homework grading program will count 9 as incorrect, it would count 9.0 as incorrect, everything must be carried or rounded to two decimal places. Another example if the answer is $48,000, you must report 48,000.00