Exercise 7-30 (Algo) Ratio analysis; Macroware [LO7-9] 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 6/30/2020 (04) $ 19,361 $ 24,595 Receivables turnover ratio Q4 Receivables turnover ratio Q3 Average collection period Q4 Average collection period 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. Answer is complete but not entirely correct. Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 19,855 $ 12,945 $ 23,375 $ 22,210 1.254 times 1.424 times 72.57 days 63.91 days 4

Exercise 7-30 (Algo) Ratio analysis; Macroware [LO7-9] Macroware Corporation reported the following information in its financial statements for three successive quarters (\$ in milions): Required: Compute the recelvables tumover 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