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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) 2022 2021 Accounts
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) | $ 3,610 | $ 4,580 | ||
Accounts receivable (net) | 3,200 | 4,300 | ||
Allowance for doubtful accounts | 410 | 280 | ||
Sales revenue | 37,125 | 39,625 | ||
Total current assets | 7,178 | 7,252 |
Answer each of the following questions.
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 times The average collection period for 2022 days Is accounts receivable a material component of the company's total current assetsStep by Step Solution
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