Microsoft Corporation reported the following information in its financial statements for three successive quarters ($ in millions):Three Months Ended12/31/2015 (Q2) 9/30/2015 (Q1) 6/30/2015 (Q4)Balance sheets:Accounts receivable, net $14,507 $11,444 $17,908Income statements:Sales revenue $23,796 $20,379 $22,180Required:Compute the receivables turnover ratio and the average collection period for Q1 and Q2. Assume that each quarterconsists of 91 days.

Question

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.

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