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What is the average collection period

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Miyagi Data, Inc., sells earnings forecasts for Japanese securities, Its credit terms are 1/20, net 40. Based on experience, 80 percent of all customers will take the discount.

a. What is the average collection period? (Round answer to 2 decimal places, e.g., 32.16)

b. If the company sells 1,290 forecasts every month at a price of $2,390 each, what is its average daily balance sheet amount in accounts receivable? (Round answer to 2 decimal places, e.g., 32.16)

Reference no: EM132616468

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