Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major globaltransportation/delivery company.(in millions)Accounts receivable (gross)Accounts receivable (net)Allowance for doubtful accounts.Sales revenueTotal current assets(a)2022$3,7403,350390Answer each of the following questions.Accounts receivable turnover$4,6704,35032035,490 37,9907,1747,2682021Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimalplace, e.g. 12.5. Use 365 days for calculation.)The average collection period for 2022timesdays

Solution We are provided with the following information Accounts receivable (net) of 2022 = $ 3,350…

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 Answer each of the following questions. (a) 2022 2021 $3,740 $4,670 3,350 4,350 390 320 35,490 37,990 7,174 7,268 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 The average collection period for 2022 times days

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 Answer each of the following questions. (a) 2022 2021 $3,740 $4,670 3,350 4,350 390 320 35,490 37,990 7,174 7,268 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 The average collection period for 2022 times days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PB: The following select financial statement information from Vortex Computing. Compute the accounts...

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