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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.

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.

FINANCIAL ACCOUNTING
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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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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