Problem 3-18 Average collection period [LO3-2]

A firm has sales of $1.9 million, and 15 percent of the sales are for cash. The year-end accounts receivable balance is $180,000. What is the average collection period? (Use a 360-day year. Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Problem 3-19 Average daily sales [LO3-2]

Martin Electronics has an accounts receivable turnover equal to 14 times. If accounts receivable are equal to $90,000, what is the value for average daily credit sales? (Use a 360-day year. Round your answer to 2 decimal places.)