Suppose the following information was taken from the 2014 financial statements of FedEx Corporation, a major global transportation/delivery company.

(in millions)

2014

2013

Accounts receivable (gross)$ 3,456

$4,376

Accounts receivable (net)3,326

4,296

Allowance for doubtful accounts130

80

Sales revenue35,180

37,436

Total current assets6,972

6,815

Answer each of the following questions.

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Calculate the accounts receivable turnover and the average collection period for 2014 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)

Accounts receivable turnover

timesThe average collection period for 2014

days

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Is accounts receivable a material component of the companys total current assets?YesNo