ABC Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 9/30/2017 6/30/2017 3/31/2017 (11) (14) (23) Balance sheets: Accounts receivable, net Income statements: Sales revenue $20,961 $19, 875 $12,965 $24, 615 $23, 395 $22,250 Required: Compute the receivables turnover ratio and the average collection period for Q1 and Q4. Assume that each quarter consists of 91 days. (Round average accounts receivable answers to nearest whole dollar. Enter your answers in millions. Round "Turnover ratio" answers to 3 decimal places.) Answer is complete but not entirely correct. Receivables Turnover Ratio Choose Denominator: Receivables Turnover Ratio Average accounts receivable (net) Receivables turnover ratio 28,961 0.850 $ 19,875 1.177 Choose Numerator: Net sales 1 $ 24,6151 $ 23,395 II >IX 04 Q1 times times Average collection period Choose Denominator: Choose Numerator: Average collection period Required: Compute the receivables turnover ratio and the average collection period for Q1 and 24. Assume that each quarter consists of 91 days. (Round average accounts receivable answers to nearest whole dollar. Enter your answers in millions. Round "Turnover ratio" answers to 3 decimal places.) Answer is complete but not entirely correct. Receivables Turnover Ratio Choose Numerator: Choose Denominator: Receivables Turnover Ratio Net sales 1 Average accounts receivable (net) = Receivables turnover ratio $ 24,615 1 $ 28,961 X = 0.850 $ 23,395 19,875 1.177 04 Q1 times times $ 11 Average collection period Choose Denominator: Receivables turnover ratio 0.850 1.177 = Choose Numerator: 1 91 days 911 91 1 11 Average collection period Average collection period 107.06 77.32 04 Q1 days days