Question
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
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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Show List of Accounts
Link to Text
Is accounts receivable a material component of the companys total current assets?YesNo
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Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
