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Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 Average collection period Q4 Average collection period 03. Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 12,930 $ 22,180 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. times times days days $ 19,840 $ 23,360

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 Average collection period Q4 Average collection period 03. Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 12,930 $ 22,180 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. times times days days $ 19,840 $ 23,360

FINANCIAL ACCOUNTING
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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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 (Q2) $ 12,930 $ 22,180 Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 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 Q4 Average collection period Q3 $ 19,840 $ 23,360 times times days days
Transcribed Image Text: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 (Q2) $ 12,930 $ 22,180 Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 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 Q4 Average collection period Q3 $ 19,840 $ 23,360 times times days days
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