Question
Suppose the 2017 financial statements of 3M Company report net sales of $24.4 billion. Accounts receivable (net) are $3.00 billion at the beginning of the
Suppose the 2017 financial statements of 3M Company report net sales of $24.4 billion. Accounts receivable (net) are $3.00 billion at the beginning of the year and $3.54 billion at the end of the year.
a.Compute 3M Companys receivable turnover.
b.Compute 3M Companys average collection period for accounts receivable in days.
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Management Accounting For Decision Makers
Authors: Dr Peter Atrill, Eddie McLaney
6th Edition
0273731521, 9780273731528
