Brief Exercise 8-11 (Part Level Submission)

Suppose the 2017 financial statements of3M Companyreport net sales of $23.9 billion. Accounts receivable (net) are $3.30 billion at the beginning of the year and $3.55 billion at the end of the year.

(a)

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Compute 3M Company's receivable turnover.(Round answer to 1 decimal place, e.g. 12.5.)

Accounts receivable turnover ratioenter the accounts receivable turnover ratio in times rounded to 1 decimal place

times

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(b)

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Compute 3M Company's average collection period for accounts receivable in days.(Round answer to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

Average collection periodenter the average collection period in days rounded to 1 decimal place

days