Innovative Media Sign Incorporated sells on account. Recently, Innovative reported the following figures:

Read the requirements.

Requirement $1.$ Compute Innovative's days' sales in receivables for $2024.($Round to the nearest day.$)$

First calculate the accounts receivable turnover. $($Abbreviations used: AR turn $=$ accounts receivable turnover ratio; Cash $=$ Cash including

cash equivalents; ST invest. $=$ short$-$term investments. Round the accounts receivable turnover ratios to two decimals, X$.$XX$.)$

Requirements

Compute Innovative's days' sales in receivables for $2024.($Round to the

nearest day.$)$

Suppose Innovative's normal credit terms for a sale on account are $\frac{2}{10},$ net

How well does Innovative's collection period compare to the company's

credit terms? Is this good or bad for Innovative?