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Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts

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Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2022 $3,750 3,350 400 38,115 7,196 2021 $4,650 4,350 300 40,615 7,262 Answer each of the following questions (a) Your answer is partially correct. Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, eg. 12.5. Use 365 days for calculation.) Accounts receivable turnover times The average collection period for 2022 37.745 days Windsor Company had the following select transactions. Apr. 1.2022 Accepted Goodwin Company's 12-month, 7% note in settlement of a $34,000 account receivable. July 1, 2022 Loaned $21,000 cash to Thomas Slocombe on a 9-month, 10% note. Dec. 31, 2022 Accrued interest on all notes receivable. Apr. 1.2023 Received principal plus interest on the Goodwin note. Apr. 1.2023 Thomas Slocombe dishonored its note; Windsor expects it will eventually collect. (lo record collection of Goodwin note and interest) 4/1/23 Accounts Receivable 21,000 Notes Receivable 21,000 Interest Receivable 525 Interest Revenue 525 (To record the dishonor of Thomas note)

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