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Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 3/20, net 40. Based on experience, 70 percent of all customers will

Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 3/20, net 40. Based on experience, 70 percent of all customers will take the discount.

a.What is the average collection period?

b.If the company sells 1,220 forecasts every month at a price of $2,320 each, what is its average daily balance sheet amount in accounts receivable?

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