The financial statements of Minnesota Mining and Manufacturing Company (3M)

(USA) report net 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 3Ms accounts receivable turnover. Compute 3Ms average collection period for accounts receivable in days.

BE8-12 Score : 5 The fi nancial statements of Minnesota Mining and Manufacturing Company (3M) (USA) report net 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