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Calculate the average collection period acp what is the

Fitzgerald Company has credit terms of 2/15, n60. The historical payment patterns of its customers are as follows:

• 40 percent of customers pay in 15 days.

• 57 percent of customers pay in 60 days.

• 3 percent of customers pay in 100 days.

Annual sales are $730,000. Assume there are 365 days in a year.

a. Calculate the average collection period (ACP).

b. What is the accounts receivable (AR) assuming all goods are sold on credit?

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