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 policy. Select the best term to complete the sentence. The minimum financial strength a customer must have to be granted credit is indicated by the company's Consider the case of Universal Exports Inc.: Universal Exports Inc. has a very attractive credit policy, and none of its customers pays in cash when the firm makes a sale. Universal Exports Inc. sells to its customers on credit terms of 1/10, net 30. If a customer bought $150,000 worth of goods and paid the firm cash eight days after the sale, how much cash would Universal Exports Inc. get from the customer? (Note: Round your answer to the nearest whole dollar.) O $157,500 O $148,500 O $127,500 O $120,000 . (Note: Round your answer to the nearest If the customer paid off the account after 15 days, Universal Exports Inc. would receive whole dollar.) Approximately 30% of Universal Exports Inc.'s customers take advantage of the discount and pay on the 10th day. The remaining 70% take an average of 35 days to pay off their accounts. What is Universal Exports Inc.'s days sales outstanding (DSO), or the average collection period? (Note: Do not round intermediate calculations. Round your answer to one decimal place.) O 27.5 days O 23.4 days 0 24.8 days O 28.9 days