Microsoft Corporation reported the following information in its financial statements for three successive quarters ($...
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Accounting
Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions):
| Three Months Ended | |||||||||
| 12/31/2015 (Q2) | 9/30/2015 (Q1) | 6/30/2015 (Q4) | |||||||
| Balance sheets: | |||||||||
| Accounts receivable, net | $ | 14,507 | $ | 11,444 | $ | 17,908 | |||
| Income statements: | |||||||||
| Sales revenue | $ | 23,796 | $ | 20,379 | $ | 22,180 | |||
Required: Compute the receivables turnover ratio and the average collection period for Q1 and Q2. Assume that each quarter consists of 91 days. (Enter your answers in millions. Round average accounts receivable answers to 1 decimal place and "Turnover ratio" answers to 3 decimal places.)
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