Please do not give solution in image format thanku Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions):Three Months Ended3/31/2020 (03) 12/31/2019 (Q2)$ 12,930$ 22,180Balance Sheets:Accounts receivable, netIncome statements:Sales revenueReceivables turnover ratio Q4Receivables turnover ratio Q36/30/2020 (04)$ 18,161$ 24,580Required: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.Average collection period Q4Average collection period Q3$ 19,840$ 23,360timestimesdaysdays

The account receivables turnover ratio is calculated as net sales divided by average account…

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 Average collection period Q4 Average collection period 03. Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 12,930 $ 22,180 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 times days days $ 19,840 $ 23,360

Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions): Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables turnover ratio Q4 Receivables turnover ratio Q3 6/30/2020 (04) $ 18,161 $ 24,580 Average collection period Q4 Average collection period 03. Three Months Ended 3/31/2020 (03) 12/31/2019 (Q2) $ 12,930 $ 22,180 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 times days days $ 19,840 $ 23,360

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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