Miyagi Data, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 2/10, net 50. Based on experience, 80 percent of all customers will take the discount. a. What is the average collection period

a. Average collection period = 18 days

b. Average balance = $1,717,112.33

Explanation:

b. If the company sells 1,240 forecasts every month at a price of $2,340 each, what is its average balance sheet amount in accounts receivable?

a. Average collection period = 80%(10 days) + 20%(50 days)

Average collection period = 0.80(10 days) + 0.20(50 days)

Average collection period = 8 days +  10 days

Average collection period = 18 days

b. Average balance = 1240 * $2,340 * 12*(18/365)

Average balance = 1240 * $2,340 * 12 * 0.0493151

Average balance = 1717112.32992

Average balance = $1,717,112.33

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