Assume 3M Company reports the following financial statement amounts in its 2016 10-K report. ...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Assume 3M Company reports the following financial statement amounts in its 2016 10-K report.
| ($ millions) | Sales | Cost of Goods Sold | Receivables, net | Inventories | PPE, net |
|---|---|---|---|---|---|
| 2014 | $18,232 | $9,285 | $2,714 | $1,816 | $5,609 |
| 2015 | 20,011 | 9,958 | 2,792 | 1,897 | 5,711 |
| 2016 | 21,167 | 10,381 | 2,838 | 2,162 | 5,593 |
Compute the receivables turnover ratios for both 2015 and 2016.
Select one:
A. 2015: 7.17 2016: 7.46
B. 2015: 7.27 2016: 7.52
C. 2015: 3.54 2016: 3.69
D. 2015: 3.57 2016: 3.66
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.