Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global

Question:

Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company.

(in millions) 2017 2016 Accounts receivable (gross) $ 3,587 $ 4,517 Accounts receivable (net) 3,391 4,359 Allowance for doubtful accounts 196 158 Sales revenue 35,497 37,953 Total current assets 7,116 7,244 Instructions Answer each of the following questions.

(a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx.

(b) Is accounts receivable a material component of the company’s total current assets?

(c) Evaluate the balance in FedEx’s allowance for doubtful accounts.

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