Chinoo, Minoo, Tinoo and Pinoo have all joined forces to dominate the Accounting and Financial Analysis Business in Montreal. Their biggest profit earner is Managerial Accounting reports and analysis. The Accounting firm, called CMTP Accounting Services, sells these reports for credit terms 2/10 net 30. Based on experience, 30% will NOT be quick enough to take the discount. a. What is the average collection period for CMTP Accounting (2 8:19 AM a. What is the average collection period for CMTP Accounting (2 marks) b. If CMTP sells 1,500 reports every month at a price of $2,000 each, what is the average balance sheet amount in accounts receivable? Assume 365 days per year. (2 marks) Question 5: Kelly is the owner manager of Beauty Clinic. They provide Miranda is the owner manager of Web Design Inc. They provide personalized logo design for all types of businesses. Web Design inc. sells on credit terms of net 30. Its accounts are , on average, 15 days past due. If annual credit sales are $10 million, what is the company's balance sheet in accounts receivable? Assume a 365 day per year. (5 marks) Chinoo, Minoo, Tinoo and Pinoo have all joined forces to dominate the Accounting and Financial Analysis Business in Montreal. Their biggest profit earner is Managerial Accounting reports and analysis. The Accounting firm, called CMTP Accounting Services, sells these reports for credit terms 2/10 net 30. Based on experience, 30% will NOT be quick enough to take the discount. a. What is the average collection period for CMTP Accounting (2 8:19 AM a. What is the average collection period for CMTP Accounting (2 marks) b. If CMTP sells 1,500 reports every month at a price of $2,000 each, what is the average balance sheet amount in accounts receivable? Assume 365 days per year. (2 marks) Question 5: Kelly is the owner manager of Beauty Clinic. They provide Miranda is the owner manager of Web Design Inc. They provide personalized logo design for all types of businesses. Web Design inc. sells on credit terms of net 30. Its accounts are , on average, 15 days past due. If annual credit sales are $10 million, what is the company's balance sheet in accounts receivable? Assume a 365 day per year