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The Ward Company has provided the following information: • Net sales totaled $750,000.
• Beginning net accounts receivable was $65,000.
• Ending net accounts receivable was $85,000.
What was Ward's average collection period?
Recessions
Periods of economic downturn when output and employment are falling, typically defined as two consecutive quarters of declining gross domestic product.
Consumer Price Index
An index that calculates the overall average price of a range of consumer goods and services, which includes transportation, food, and healthcare provisions.
Overstate
To overstate means to describe or value something in a way that is excessively high or inflated beyond its true worth.
Inflation
How quickly the average price level of goods and services escalates, resulting in reduced purchasing ability.
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