Effective credit management involves establishing credit standards for extending credit to customers, determining the company's terms of credit, and setting up procedures for invoicing and collecting past-due accounts. The following statement refers to a credit management pollcy. Select the best term to complete the sentence. How a company handies its credit accounts, including methods of invoicing and collecting past-due accounts, is indicated by the cornpany's Consider the case of Water and Power Co.: Water and Power Co. has a very attractive credit pollcy, and none of its customers pays in cash when the firm makes a sale. Water and Power Co. selis to its customers on credit terms of 1/10, net 30 . If a customer bought 5200,000 worth of goods and paid the firm cash eight days after the sale, how much cash would Water and Power Co. get from the customer? (Note: Round your answer to the nearest whole dollar) $210,000$198,000$185,000$165,000 If the customer paid off the account after 15 days, Water and Power Co, would receive. (Note: Round your answer to the nearest whole dollar.) Approximately 25% of Water and Power Co.'s customers take advantage of the discount and pay on the 10 th day. The remaining 75% take an average of 35 days to pay off their accounts. What is Water and Power Co.'s days sales outstanding (DSO), or the average collection period? (Note: Do not round intermediate calculations. Round your answer to one decimal place.) 34.6 days 30.2 days 31.7 days 28.8 days