Suppose the 2017 financial statements of 3M Company reported net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. A. Compute 3M Company's receivable turnover. B. Compute 3M Company's average collection period for accounts receivable in days.

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...
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Suppose the 2017 financial statements of 3M
Company reported net sales of $23.1 billion.
Accounts receivable (net) are $3.2 billion at the
beginning of the year and $3.25 billion at the end
of the year.
A. Compute 3M Company's receivable turnover.
B. Compute 3M Company's average collection
period for accounts receivable in days.
Transcribed Image Text:Suppose the 2017 financial statements of 3M Company reported net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year. A. Compute 3M Company's receivable turnover. B. Compute 3M Company's average collection period for accounts receivable in days.
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