Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $ 3,650 $ 4,530 Accounts receivable (net) 3,400 4,450 Allowance for doubtful accounts 250 80 Sales revenue 32,970 35,470 Total current assets 7,142 7,304 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnover enter the accounts receivable turnover in times rounded to 1 decimal place times The average collection period for 2022 enter the average collection period for 2022 in days rounded to 1 decimal place days
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in millions)
2022
2021
Accounts receivable (gross)
$ 3,650
$ 4,530
Accounts receivable (net)
3,400
4,450
Allowance for doubtful accounts
250
80
Sales revenue
32,970
35,470
Total current assets
7,142
7,304
Answer each of the following questions.
(a)
Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
Accounts receivable turnover
enter the accounts receivable turnover in times rounded to 1 decimal place
times
The average collection period for 2022
enter the average collection period for 2022 in days rounded to 1 decimal place
days
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