Evaluating Accounts Receivable Turnover for Competitors The Procter & Gamble Company and Colgate-Paloive Company report the following sales and accounts receivable balances ($ millions): Procter & Gamble Colgate-Palmolive Fiscal year Sales Accounts Receivable Fiscal year Sales Accounts Receivable June 30, 2014 $84,287 $6,607 Dec. 31, 2013 $17,869 $1,701 June 30, 2013 83,806 6,729 Dec. 31, 2012 17,534 1,733 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 Procter & Gamble Answer times Colgate-Palmolive Answer times Average collection period Answer Answer Procter & Gamble days Colgate-Palmolive days