Microsoft Corporation reported the following information in its financial statements for three successive...
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Microsoft 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 (21) (24) (23) $14,561 $19,792 $12,882 Balance sheets: Accounts receivable, net Income statements: Sales revenue $24,538 $23,317 $22,090 Required: Compute the receivables turnover ratio and the average collection period for Q1 and Q4. Assume that each quarter consists of 91 days. (Enter your answers in millions. Round average accounts receivable answers to nearest whole dollar and "Turnover ratio" answers to 3 decimal places.) Receivables Turnover Ratio I Choose Denominator: Choose Numerator: = Receivables Turnover Ratio Receivables turnover ratio Q4 times times Average collection period I Choose Denominator: Choose Numerator: = Average collection period Average collection period Q4 days days Q11
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