A recent annual report for FedEx contained the following data: Required: 1. Determine the accounts receivable turnover
Question:
A recent annual report for FedEx contained the following data:
Required:
1. Determine the accounts receivable turnover ratio and average days sales in receivables for the current year.
2. Explain the meaning of eachnumber.
Transcribed Image Text:
(dollars in thousands) Current Year Previous Year Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) $3,178,000 $2,776,000 149,000 3,027,000 $2.627.000 151,000 $24,710,000
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Req 1 3027000 2627000 2 Req 2 The receivables turnover ratio reflects how many times aver...View the full answer
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