Question 3

Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company.

(in millions)		2022		2021
Accounts receivable (gross)		$ 3,710		$ 4,520
Accounts receivable (net)		3,450		4,350
Allowance for doubtful accounts		260		170
Sales revenue		35,880		38,380
Total current assets		7,160		7,284

Answer each of the following questions.

(a)

Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

Accounts receivable turnover		enter the accounts receivable turnover in times rounded to 1 decimal place	times
The average collection period for 2022		enter the average collection period for 2022 in days rounded to 1 decimal place	days