Question
Kyoto Joe, Incorporated, sells earnings forecasts for Japanese securities. Its credit terms are 2/20, net 60. Based on experience, 60 percent of all customers will
Kyoto Joe, Incorporated, sells earnings forecasts for Japanese securities. Its credit terms are 2/20, net 60. Based on experience, 60 percent of all customers will take the discount. Assume 365 days per year. What is the average collection period? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. If the company sells 1,210 forecasts every month at a price of $2,310 each, what is its average daily balance sheet amount in accounts receivable? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.
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