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)		$ 3,750		$ 4,650
Accounts receivable (net)		3,350		4,350
Allowance for doubtful accounts		400		300
Sales revenue		38,115		40,615
Total current assets		7,196		7,262

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