Macroware Corporation reported the following information in its financial statements for three successive quarters ($ inmillions): Three Months Ended 6/30/2020 () 3/31/2020 (Q3) 12/31/2019 () Balance Sheets: Accounts receivable, netIncome statements : Sales revenue $15, 761 $ 19,810 $ 12,900 24, 550 $ 23,330:22,120 Required: Compute the receivablesturnover 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 Averagecollection period Q3 days 63.79 daysBalance Sheets:Accounts receivable, netIncome statements:Sales revenueMacroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):Three Months Ended3/31/2020 (03) 12/31/2019 (02)$ 19,810$ 12,900$ 23,330$ 22,120ŰReceivables tumover ratio 04Receivables tumover ratio 03Average collection period Q4Average collection period 036/30/2020 (04)$ 15,761$ 24,550CRequired:Compute the receivables turnover ratio and the average collection period for Q4 and Q3. Assume that each quarter consists of 91days.Note: Round "Receivables turnover ratio" answers to 3 decimal places and "Average collection period" answers to 2 decimalplaces.times1.427 timesdays63.79 days

Average collection period is calculated by dividing number of days in a period by accounts…

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

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...

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