Suppose the 2017 financial statements of 3M Company report net sales of $231 billion Accounts receiv
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Suppose the 2017 financial statements of 3M Company report net sales of $231 billion Accounts receivable (net) are $32 billion at the beginning of the year and $325 billion at the end of the year
A)Compute 3M Company’s receivable turnover (Round answer to 1 decimal place, eg 125)
Accounts receivable turnover ratio=
B) Compute 3M Company’s average collection period for accounts receivable in days (Round answer to 1 decimal place, eg 125 Use 365 days for calculation)
Average collection period days=
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