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Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): 6/30/2020 (Q4) Three Months Ended 3/31/2020 (Q3)
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): 6/30/2020 (Q4) Three Months Ended 3/31/2020 (Q3) 12/31/2019 (Q2) Balance Sheets: Accounts receivable, net Income statements: $ 22,561 $ 19,895 $ 12,985 $ 24,635 $ 23,415 $ 22,290 Sales revenue 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. Receivables turnover ratio Q4 Receivables turnover ratio Q3 Average collection period Q4 Average collection period Q3 times times days days
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