Compute 3M's accounts receivable turnover and the average collection period in days.
Compute 3M's accounts receivable turnover and the average collection period in days.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please see below. I need help with this excel sheet. Note, please be sure to use cell referencing and the appropriate formulas for each part.
Transcribed Image Text:B
C
E
F
H.
1 Function: AVERAGE; Formula: Divide; Cell Referencing
K
E 3 Using Excel to Assess Accounts Receivable
Student Work Area
Required: Provide input into cells shaded in yellow in this template.
Use the AVERAGE function with cell references in calculating the
PROBLEM
5 The 2022 financial statements of 3M Company reported the
6 following amounts.
turnover. Use cell references with mathematical formulas to calculate
7
the average collection period.
8.
Net sales
23.1 billion
9
Accounts receivable, net
Beginning of year
End of year
Compute 3M's accounts receivable turnover and the average collection
period in days.
10
3.20 billion
11
3.25 billion
12
Accounts receivable turnover
13
14
Average collection period
15
%24
00
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