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Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): Fiscal year June 30, 2014 June 30, 2013 Procter & Gamble Procter & Gamble Colgate-Palmolive Procter & Gamble Sales Colgate-Palmolive $84,287 83,806 Accounts Receivable $6,607 6,729 Fiscal year Dec. 31, 2013 Dec. 31, 2012 a. Compute accounts receivable turnover and average collection period for both companies. Round answers one decimal place. Do not round until your final answer. Accounts receivable turnover Answer Answer Average collection period Answer Colgate-Palmolive Answer Sales $17,869 17,534 $1,701 1,733 times Accounts Receivable times days days

Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): Fiscal year June 30, 2014 June 30, 2013 Procter & Gamble Procter & Gamble Colgate-Palmolive Procter & Gamble Sales Colgate-Palmolive $84,287 83,806 Accounts Receivable $6,607 6,729 Fiscal year Dec. 31, 2013 Dec. 31, 2012 a. Compute accounts receivable turnover and average collection period for both companies. Round answers one decimal place. Do not round until your final answer. Accounts receivable turnover Answer Answer Average collection period Answer Colgate-Palmolive Answer Sales $17,869 17,534 $1,701 1,733 times Accounts Receivable times days days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): Fiscal year June 30, 2014 June 30, 2013 Procter & Gamble Procter & Gamble Colgate-Palmolive Procter & Gamble Sales Colgate-Palmolive $84,287 83,806 Accounts Receivable $6,607 6,729 Fiscal year Dec. 31, 2013 Dec. 31, 2012 Answer Answer a. Compute accounts receivable turnover and average collection period for both companies. Round answers one decimal place. Do not round until your final answer. Accounts receivable turnover Average collection period Answer Colgate-Palmolive Answer Sales $17,869 17,534 $1,701 1,733 Accounts Receivable times times days days
Transcribed Image Text:Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): Fiscal year June 30, 2014 June 30, 2013 Procter & Gamble Procter & Gamble Colgate-Palmolive Procter & Gamble Sales Colgate-Palmolive $84,287 83,806 Accounts Receivable $6,607 6,729 Fiscal year Dec. 31, 2013 Dec. 31, 2012 Answer Answer a. Compute accounts receivable turnover and average collection period for both companies. Round answers one decimal place. Do not round until your final answer. Accounts receivable turnover Average collection period Answer Colgate-Palmolive Answer Sales $17,869 17,534 $1,701 1,733 Accounts Receivable times times days days
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