Grapp Company Had $130,000 in Sales on Account Last Year

question 154

Multiple Choice

Grapp Company had $130,000 in sales on account last year.The beginning accounts receivablebalance was $18,000,and the ending accounts receivable balance was $16,000.The company's average collection period (age of receivables) was closest to which of the following? Do not round intermediate calculations.

• A) 44.92 days.
• B) 47.73 days.
• C) 50.54 days.
• D) 95.46 days.

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Definitions:

Friedman Test

A non-parametric test for detecting differences in treatments across multiple test attempts, usually applied to cases with dependent samples.

Population Locations

This term isn’t a standard statistical or geographical concept, so it may be misunderstood or used in a different context. The correct term might be "population distribution."

P-value

The probability of obtaining test results at least as extreme as the ones observed, assuming the null hypothesis is true.

Statistical Table

A table that displays data in a structured format, often used to summarize and present statistical results.