Ratio analysis; Microsoft
Microsoft Corporation reported the following information in its financial statements for three successive quarters during the 2014 fiscal year ($ in millions):
|
Three Months Ended |
|
3/31/2014 (Q.3) |
12/31/2013 (Q.2)
|
9/30/2013 (Q.1)
|
|
Balance sheets:
|
|
|
|
|
Accounts receivable, net
|
$13,497
|
$15,986
|
$11,007
|
|
Income statements:
Sales revenue
|
$20,403
|
$24,519
|
$18,529
|
Required:
Compute the receivables turnover ratio and the average collection period for the second and third quarters. Assume that each quarter consists of 91 days.