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Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 2/20, net 45. Based on experience, 70 percent of all customers will

Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 2/20, net 45. Based on experience, 70 percent of all customers will take the discount.

a.

What is the average collection period for the company? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 deceimal places, e.g., 32.16.)

b. If the company sells 1,560 forecasts every month at a price of $1,340 each, what is its average balance sheet amount in accounts receivable? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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