Exercise 8-14 (Part Level Submission)

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)		$ 3,773		$ 4,675
Accounts receivable (net)		3,638		4,358
Allowance for doubtful accounts		135		317
Sales revenue		33,080		41,218
Total current assets		7,196		7,502

Answer each of the following questions.

(a)

Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

Accounts receivable turnover			times
The average collection period for 2017			days