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Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/15, net 35. Based on experience, 55 percent of all customers will

Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/15, net 35. Based on experience, 55 percent of all customers will take the discount.

What is the average collection period for the company?

If the company sells 2,400 forecasts every month at a price of $1,000 each, what is its average balance sheet amount in accounts receivable?

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