Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions):

Question:

Required:
Compute the receivables turnover ratio and the average collection period for Q1 and Q2. Assume that each quarter consists of 91 days.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...