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9. ACP and Accounts Receivable: Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/10, net 30. Based on experience, 65

9. ACP and Accounts Receivable: Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/10, net 30. Based on experience, 65 percent of all customers will take the discount.

a. What is the average collection period?

b. If the company sells 1,100 forecasts every month at a price of $1,950 each, what is its average balance sheet amount in accounts receivable?

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