Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/20, net 40....
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Kyoto Joe, Inc., sells earnings forecasts for Japanese securities. Its credit terms are 1/20, net 40. Based on experience, 65 percent of all customers will take the discount. |
| 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 1,450 forecasts every month at a price of $1,240 each, what is its average balance sheet amount in accounts receivable? |
Homework Answers
a. Average collection period = 0.65(20 days) + 0.35(40 days) = 27 days
b. Average balance = 1,450($1,240)(27)(12/365) = $1,596,032.88
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Kyoto Joe, Inc., sells earnings forecasts for Japanese
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