Question
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 (Q4) 3/31/2020 (Q3)
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):\ \ Three Months Ended\ 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019 (Q2)\ Balance Sheets: \ Accounts receivable, net $ 19,361 $ 19,855 $ 12,945\ Income statements: \ Sales revenue $ 24,595 $ 23,375 $ 22,210\ 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.
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):\ \ Three Months Ended\ 6/30/2020 (Q4) 3/31/2020 (Q3) 12/31/2019 (Q2)\ Balance Sheets: \ Accounts receivable, net $ 19,361 $ 19,855 $ 12,945\ Income statements: \ Sales revenue $ 24,595 $ 23,375 $ 22,210\ 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.
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Managerial Accounting Tools For Business Decision Making
Authors: Weygandt, Kimmel, Kieso
4th Edition
0470478535, 978-0470478530
