CAPENSE Was 2 NU UI SAIS, TUW TIIULII COSII Was CUCCIU II Customis uurig te yedi! LO5 M6-22. Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Palmolive Company report the following sales and accounts receivable balances ($ millions): MBC Procter & Gamble Colgate-Palmolive The Procter & Gamble Company NYSE:: PG Colgate-Palmolive Company NYSE: CL Accounts Receivable Accounts Receivable Fiscal year Sales Fiscal year Sales June 30, 2018.... June 30, 2017.... $66,832 65,058 $4,686 4,594 December 31, 2017 .... $15,454 December 31, 2016 ... 15.195 $1,480 .411 1 a. b. Compute accounts receivable turnover and average collection period for both companies. Identify and discuss a potential explanation for the difference between these competitors' ac- counts receivable turnover