Water and Power Co.'s CFO has decided to take a closer at the company's credit policy. Water and Power Co. has annual sales of $396.3 million, and it currently has an accounts receivable balance of $47.1 million. The first step in analyzing the firm's credit policy is to determine its days sales outstanding (DSO). Based on this information, what is Water and Power Co.'s DSO? (Use 365 days as the length of a year in all calculations.) 39.1 days 45.6 days 43.4 days 47.7 days The average DSO for Water and Power Co.'s industry is 53.9 days. Assuming that its sales stayed the same, what would be Water and Power Co.'s receivables balance if it maintained the industry average DSO? $55, 595, 983 $58, 522, 087 $49, 743, 774 $52, 669, 878