Microsoft Corporation reported the following information in its financial statements for three successive quarters during the 2009

Question:

Microsoft Corporation reported the following information in its for three successive quarters during the 2009 fiscal year ($ in millions):

Required:
Compute the receivables turnover ratio and the average collection period for the second and third quarters. Assume that each quarter consists of 91days.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...