Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (02) Balance Sheets: Accounts receivable, net Income statements: Sales revenue 6/30/2020 (04) $ 15,361 $ 24,545 Answer is complete but not entirely correct. Receivables tumover ratio 04 Receivables tumover ratio Q3 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Average collection period 04 Average collection period Q3 $ 19,805 $ 23,325 1.396 Smes 1.427 Simes 261.46 days 255.78 days $ 12,895 $ 22,110

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (02) Balance Sheets: Accounts receivable, net Income statements: Sales revenue 6/30/2020 (04) $ 15,361 $ 24,545 Answer is complete but not entirely correct. Receivables tumover ratio 04 Receivables tumover ratio Q3 Required: Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91 days. Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimal places. Average collection period 04 Average collection period Q3 $ 19,805 $ 23,325 1.396 Smes 1.427 Simes 261.46 days 255.78 days $ 12,895 $ 22,110

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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