Function: AVERAGE; Formula: Divide; Cell Referencing Using Excel to Assess Accounts Receivable PROBLEM The 2022 financial statements of 3M Company reported the following amounts. Net sales Accounts receivable, net Beginning of year End of year $ 23.1 billion 3.20 billion 3.25 billion Student Work Area Required: Provide input into cells shaded in yellow in this template. Use the AVERAGE function with cell references in calculating the turnover. Use cell references with mathematical formulas to calculate the average collection period. Compute 3M's accounts receivable turnover and the average collection period in days. Accounts receivable turnover Average collection period 365

Function: AVERAGE; Formula: Divide; Cell Referencing Using Excel to Assess Accounts Receivable PROBLEM The 2022 financial statements of 3M Company reported the following amounts. Net sales Accounts receivable, net Beginning of year End of year $ 23.1 billion 3.20 billion 3.25 billion Student Work Area Required: Provide input into cells shaded in yellow in this template. Use the AVERAGE function with cell references in calculating the turnover. Use cell references with mathematical formulas to calculate the average collection period. Compute 3M's accounts receivable turnover and the average collection period in days. Accounts receivable turnover Average collection period 365

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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