Dome Metals has credit sales of $468,000 yearly with credit terms of net 60 days, which is also the average collection period. Dome does not offer a discount for early payment, so its customers take the full 60 days to pay.
(a) What is the average receivables balance? (Use 360 days in a year. Omit the "tiny_mce_markerquot; sign in your response.)
(b) What is the receivables turnover? (Use 360 days in a year. Enter only numeric value.)