Use the following information for the next two questions. Josie Company sells on terms of 3.-'10. net 30. Gross sales for the year are P12005000 and the collections department estimates that 30 percent of the customers pay on the tenth clay and take discounts: 40 percent pay on the thirtieth day: and the remaining 30 percent pay, on average, 40 days after the purchase. Assume 360 days per yeah 16. what is the average collection period? a. 10 days c. 20 days b. 13 days d. 2? days 1?. What is the current receivables balance? a. P60,000 c. P80.000 b. P75,000 d. P90.000