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Assume 3M Company reports the following financial statement amounts in its 2016 10-K report. ...

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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

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