Suppose the 2017 financial statements of 3M Company report net

sales $21.9 billion. Accounts receivable (net) are $3.00 billion at the
beginning of the year and $3.39 billion at the end of the year.
Compute 3M Company's receivable turnover. (Round answer to 1
decimal place, e.g. 12.5.) Accounts receivable turnover ratio times
Compute 3M Company's average collection period for accounts
receivable in days. (Round answer to t decimal place, e.g. 12.5. Use
365 days for calculation.) Average collection period days
Sales $ 21.90 billion

Beginning Accounts Receivable $ 3.00 billion

Ending Accounts Receivable $ 3.39 billion
Average Accounts Receivable $ 3.20 billion

Accounts Receivable Turnover Ratio 6.85 times

(Sales/Average Accounts Receivable)

Average collection period days 53.3 days

(365 days/Accounts Receivable Turnover Ratio)