Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions) Three Months Ended 3/31/2020 (03) $ 19,875

Macroware Corporation reported the following information in its financial statements for three successive 

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions) Three Months Ended 3/31/2020 (03) $ 19,875 $ 23,395 Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables tumover ratio 04 Receivables tumover ratio Q3 6/30/2020 (04) $ 20,961 $ 24,615 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 04 Average collection period 03: 12/31/2019 (02) $ 12,965 $ 22,250 times times days days

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate the Receivables Turnover Ratio and Average Collection Period for Q4 and Q3 you can us... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting

Authors: David Spiceland

11th Edition

1264134525, 9781264134526

More Books

Students also viewed these Accounting questions

Question

What is the mode?

Answered: 1 week ago

Question

1. Research is asking questions and finding answers.

Answered: 1 week ago