The following information was taken from the 2009 financial statements of FedEx Corporation, a major global transportation/delivery company.

InstructionsAnswer each of the following questions.(a) Calculate the receivables turnover ratio and the average collection period for 2009 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 doubtful accounts.

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(in millions) 2009 2008 Accounts receivable (gross) receivable (net) Allowance for doubtful accounts $ 4,517 $ 3,587 3,391 196 35,497 4,359 158 37,953 Sales Total current assets 7,116 7,244