Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in...
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Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions) Three Months Ended 3/31/2020 (03) $ 19,875 $ 23,395 Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables tumover ratio 04 Receivables tumover ratio Q3 6/30/2020 (04) $ 20,961 $ 24,615 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. Average collection period 04 Average collection period 03: 12/31/2019 (02) $ 12,965 $ 22,250 times times days days Macroware Corporation reported the following information in its financial statements for three successive quarters ($ in millions) Three Months Ended 3/31/2020 (03) $ 19,875 $ 23,395 Balance Sheets: Accounts receivable, net Income statements: Sales revenue Receivables tumover ratio 04 Receivables tumover ratio Q3 6/30/2020 (04) $ 20,961 $ 24,615 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. Average collection period 04 Average collection period 03: 12/31/2019 (02) $ 12,965 $ 22,250 times times days days
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