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The financial statements of M & J Company report net sales of $22 billion. Accounts receivable (net) are $3.1 billion at the beginning of the year and $3.0 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 place. What is the average collection period?

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Accounting Basics, Accounting

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