A recent annual report for FedEx Corporation contained the following data (in millions): May 31 2010 2009

Question:

A recent annual report for FedEx contained the following data (in millions):
May 31 2010 2009
Accounts Receivable.................................. $ 4,329......... $ 3,587
Less: Allowance for Doubtful Accounts............... 166............. 196
Accounts Receivable, Net of Allowance........... $ 4,163......... $ 3,391
Net Sales (assume all on credit).................... $34,734........... $35,497
Required:
1. Determine the receivables turnover ratio and days to collect for 2010. Round your answers to one decimal place.
2. Explain the meaning of each number.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...