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A recent annual report for FedEx contained the following data: (dollars in thousands) Current Year Previous Year Accounts receivable $ 7,851,000 $7,430,000 Less: Allowances 252,000

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A recent annual report for FedEx contained the following data: (dollars in thousands) Current Year Previous Year Accounts receivable $ 7,851,000 $7,430,000 Less: Allowances 252,000 178,000 Net accounts receivable $ 7,599,000 $7,252,000 Net sales (assume all on credit) $60,319,000 Source: FedEx Corporation Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. 2. Explain the meaning of each calculated number

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