The 2012,2013,and 2014 partial balance sheets for Ottoman Manufacturing Company appear below.
Net credit sales for Ottoman were $126,000 for 2012,$120,000 for 2013 and $114,000 for 2014 while cost of goods sold was $84,000 for 2012,$82,400 for 2013 and $72,500 for 2014.
What is the average collection period for 2014?
Definitions:
Sample Size
The number of observations or individuals included in a sample from a population for the purpose of statistical analysis.
Type II Error
A statistical error that occurs when a false null hypothesis is not rejected, also known as a false negative.
Not Guilty
A legal declaration that a defendant has not been proven to have committed the charges against them beyond a reasonable doubt.
Hypothesis Test
A method in statistics to determine whether there is enough evidence in a sample of data to infer that a certain condition is true for the entire population.
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