Kyoto Joe, Incorporated, sells earnings forecasts for Japanese securities. Its credit terms are 1/10, net...
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Kyoto Joe, Incorporated, sells earnings forecasts for Japanese securities. Its credit terms are 1/10, net 50 . Based on experience, 70 percent of all customers will take the discount. Assume 365 days per year. a. What is the average collection period? Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. b. If the company sells 1,320 forecasts every month at a price of $2,420 each, what is its average dally balance sheet amount in accounts recelvable? Note: Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16
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