The following information was taken from the 2007 financial statements of FedEx Corporation, a major global transportation/delivery company.

Instructions
Answer each of the following questions.
(a) Calculate the receivables turnover ratio and the average collection period for 2007 for FedEx.
(b) Is accounts receivable a material component of the company's total current assets?
(c) Evaluate the balance in FedEx's allowance for uncollectibleaccounts.

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in millions) 2007 2006 Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales Total current assets 4,078 3,942 136 35,214 6,629 3,660 3,516 144 32,294 6,464