Balance Sheets: Accounts receivable, net Income statements: Sales revenue Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) $ 19,810 $ 23,330 3 Receivables tumover ratio 04 Receivables tumover ratio 03 Average collection period Q4 Average collection period Q3 6/30/2020 (04) $ 15,761 $ 24,550 O times 1.427 times days 63.79 days 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. 12/31/2019 (02) $ 12,900 $ 22,120

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in
millions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, net
Income statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 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 times Receivables turnover ratio Q3 1.427 times Average collection period Q4 Average
collection period Q3 days 63.79 days
Balance Sheets:
Accounts receivable, net
Income statements:
Sales revenue
Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):
Three Months Ended
3/31/2020 (03) 12/31/2019 (02)
$ 19,810
$ 12,900
$ 23,330
$ 22,120
Ű
Receivables tumover ratio 04
Receivables tumover ratio 03
Average collection period Q4
Average collection period 03
6/30/2020 (04)
$ 15,761
$ 24,550
C
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.
times
1.427 times
days
63.79 days
Transcribed Image Text:Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, net Income statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 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 times Receivables turnover ratio Q3 1.427 times Average collection period Q4 Average collection period Q3 days 63.79 days Balance Sheets: Accounts receivable, net Income statements: Sales revenue Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Three Months Ended 3/31/2020 (03) 12/31/2019 (02) $ 19,810 $ 12,900 $ 23,330 $ 22,120 Ű Receivables tumover ratio 04 Receivables tumover ratio 03 Average collection period Q4 Average collection period 03 6/30/2020 (04) $ 15,761 $ 24,550 C 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. times 1.427 times days 63.79 days
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