Average collection period for accounts receivable

Reference no: EM13123137

The financial statements of M & J Company report net sales of $22 billion. Accounts receivable (net) are $2.9 billion at the beginning of the year and $3.2 billion at the end of the year. Compute 3M's receivables turnover ratio. Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)

Accounts receivable turnover ratio times

Average collection period for accounts receivable days

Reference no: EM13123137

Questions Cloud

Find upper and lower readings to participate in study : If the mean systolic blood pressure is 130 and the standard deviation is 8, find the upper and lower readings that would qualify people to participate in the study.

Create a memo to a group of students interested : Create a memo to a group of students interested in pursuing careers in management accounting. Include in the memo, the role of management accounting and how management accounting may differ based on different types of companies or industries.

Determining maximum value of functions : A jewelry floor safe with a square base is to be made so as to have a total volume of 648 cubic inches. The side material for the safe costs $1 per square inch.

What are the risks for accounting systems : What are the differences between substantive tests of transactions and tests of details of balances?

Average collection period for accounts receivable : Compute 3M's average collection period for accounts receivable in days. (Round turnover ratio to 1 decimal place, e.g. 10.5 and collection period to 0 decimal places, e.g. 125.)

What will be the pressure : The pressure in an automobile tire is 1.83 atm at 26.0°C. What will be the pressure if the temperature warms up to 37.0°C.

Find power of the test if true value of p is given : The sample of 200 voters and tests Ho: P=0.5 versus H1:P(not equal)0.5 at 5% level. What is the power of the test if the true value of P is 0.55?

What procedures might the engagement team suggest : If the audit engagement team determines that the scope of the investigation is not sufficient to support the preliminary conclusions reached, what additional procedures or inquiries might the engagement team suggest?

How much heat would be released : A bottle of nail polish remover contains 182 mL of acetone, how much heat would be released by its complete combustion? The density of acetone is 0.788mL.

User Account

All Pages