Suppose the financial statements of 3M Company report net credit sales of $20.0 billion. Accounts receivable (net)
Question:
Suppose the financial statements of 3M Company report net credit sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's accounts receivable turnover. Compute 3M's average collection period for accounts receivable in days.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
Accounts Receivable Turnover Ratio 20B 20B 7...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Question Posted:
Students also viewed these Business questions
-
The 2009 financial statements of 3M Company report 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....
-
The following information has been extracted from the financial statements of Dandy & Grandee Superstores Ltd. Extracts from the Income Statements for year ended 30 April ..... 2019 2018 000.S 11,200...
-
1: Which of the following are the same under both GAAP and IFRS? a. The journal. b. The ledger. c. The chart of accounts. d. All of the above. e. Only a & c. 2: Which of the following is true? a....
-
Taxpayer sold the following capital assets during the year: Asset # 1: $60,000 long-term capital gain Asset # 2: $10,000 long-term capital loss Asset # 3: $50,000 short-term capital gain Asset # 4:...
-
What other influences on business investment might explain the trend in business investments share of GDP?
-
The radio telescope at Arecibo, Puerto Rico, has a reflecting spherical bowl of 305 m (1000 ft) diameter. Radio signals can be received and emitted at various frequencies with the appropriate...
-
E2-8 Calculate investment balance four years after acquisition Pam Corporation owns a 40 percent interest in the outstanding common stock of Sun Corporation, having acquired its interest for...
-
Present Value and Future Value The following situations involve time value of money calculations: 1. A deposit of $7,000 is made on January 1, 2010. The deposit will earn interest at a rate of 8%....
-
Operating data for Bonita Corporation are presented as follows. Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5\%.) SUPPORT eTextbook...
-
The 2-kg collar is released from rest at A? and slides down the inclined fi xed rod in the vertical plane. The coefficient of kinetic friction is 0.40. Calculate ( a ) the velocity v? of the collar...
-
Vandiver Company had the following selected transactions. Apr. l, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable. July 1, 2022 Loaned $25,000 cash to...
-
On January 10, 2022, Perez Co. sold merchandise on account to Robertsen Co. for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 10% promissory note in settlement of this account. Prepare...
-
Assume that the price level is fixed in the short run, both at home and abroad. This means that the nominal exchange rate e equals the real exchange rate. Use the Mundell-Flemming model to predict...
-
Question A4 (12 marks) Comfort Dance Corporation (CDC) is a major distributor of dance shoes. All sales are on terms 2/10, n/30. CDC uses a perpetual inventory system. The March opening balance in...
-
7 A car rental company is interested in improving the customer experience. A data professional fixes typos and inaccuracies from a dataset containing feedback and ratings. They also verify and share...
-
CM could not believe that his company, which had once had the reputation as an industry leader in a local niche furniture market with an exciting future, could be facing bankruptcy. He wondered how...
-
A page of level book is reproduced on the following page in which some readings marked as (), are missing. Complete the page with all arithmetic checks. Station B.S. I.S. F.S. Rise Fall RL. Remarks...
-
Write a C++ program that includes the following function: .a boolean function with the name of "evenorodd" that tests a number to see whether it is even or odd your program should do the folowing in...
-
Find parametric equations (not unique) of the following ellipses. Graph the ellipse and find a description in terms of x and y. An ellipse centered at (-2, -3) with major and minor axes of lengths 30...
-
An annual report of The Campbell Soup Company reported on its income statement $2.4 million as equity in earnings of affiliates. Journalize the entry that Campbell would have made to record this...
-
You are provided with the following transactions that took place during a recent fiscal year. (a) Recorded depreciation expense on the plant assets.(b) Incurred a loss on disposal of plant assets.(c)...
-
The following selected account balances relate to the plant asset accounts of Wegent Inc. at year-end. Additional information:1. Wegent purchased $95,000 of equipment and $30,000 of land for cash in...
-
The income statement of Rosenthal Company is presented below. Additional information: 1. Accounts receivable decreased $320,000 during the year, and inventory increased $120,000. 2. Prepaid expenses...
-
Questien It Calraluta bae neark yoe cen atforal to berren
-
In calculating the net present value of a proposed project, the cash flows of the project should include a.) amortization of goodwill b.) interest expenses paid to bondholders c.) extra working...
-
If Yolanda's insurance company cancels her fire insurance policy after 204 days, how much of the $682.00 annual premium will she receive as a refund (in $)? (Round you answer to the nearest cent.) $
Study smarter with the SolutionInn App