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Exercise 7-29 (Algo) Ratio analysis; Microsoft [LO7-9) Real World Financials ABC Corporation reported the following information in its financial statements for three successive quarters ($ in millions) Three Months Ended 9/30/2017 6/30/2017 3/31/2017 (01) (04) OJ) V Balance sheets: Accounts receivable, net Income statements: Sales revenue $15,361 $19,805 $24,545 $23,325 $12,895 $22,110 Required: Compute the receivables turnover ratio and the average collection period for Q1 and 04 Assume that each quarter consists of 91 days (Round average accounts receivable answers to nearest whole dollar. Enter your answers in millions. Round "Turnover ratio" answers to 3 decimal places.) Choose Numerator: Receivables Tumower Ratio Choose Denominator: Receivables Tumover Ratio = Receivables turnover ratio Required: Compute the receivables turnover ratio and the average collection period for Q1 and Q4 Assume that each quarter consists of 91 days (Round average accounts receivable answers to nearest whole dollar. Enter your answers in millions. Round "Turnover ratio" answers to 3 decimal places.) Choose Numerator: Receivables Turnover Ratio Choose Denominator: Receivables Turnover Ratio = Receivables tumover ratio 04 0 times Q1 O times Choose Numerator: Average collection period 1 Choose Denominator Average collection period Average collection period Q4 1 01 0 days o days

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