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1 Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 2/20,...

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1 Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 2/20, net 45. Based on experience, 65 percent of all customers will take the discount. 2.5 points a. What is the average collection period for the company? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 deceimal places, e.g., 32.16.) b. If the company sells 1,550 forecasts every month at a price of $1,330 each, what is its average balance sheet amount in accounts receivable? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) X Answer is complete but not entirely correct. a. 26.00 X days Average collection period Average accounts receivable b. $ 3,195,616.44

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