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Fundamentals Financial Accounting
Assume that a recent annual report for FedEx Corporation contained

Assume that a recent annual report for FedEx Corporation contained the following data (in millions): Required: 1.

Question:

Assume that a recent annual report for FedEx Corporation contained the following data (in millions):

May 31 2017 2016 Accounts Receivable $ 4,517 $ 4,078 Less: Allowance for Doubtful Accounts 158 136 Accounts Receivable, Net of Allowance $ 4,359 $ 3,942 Net Sales (a ssume all on creçdit) $37,953 $35,214

Required:

1. Determine the receivables turnover ratio and days to collect for 2017. Round your answers to one decimal place.

2. Explain the meaning of each number.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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May 31 2017 2016 Accounts Receivable $ 4,517 $ 4,078 Less: Allowance for Doubtful Accounts 158 136 Accounts Receivable, Net of Allowance $ 4,359 $ 3,942 Net Sales (a ssume all on creçdit) $37,953 $35,214

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Fundamentals of Financial Accounting

ISBN: 978-1259269868

5th Canadian edition

Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh

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Question Posted: Jan 16, 2020 10:36 AM

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Assume that a recent annual report for FedEx Corporation contained the following data (in millions): Required: 1.

Question:

May 31 2017 2016 Accounts Receivable $ 4,517 $ 4,078 Less: Allowance for Doubtful Accounts 158 136 Accounts Receivable, Net of Allowance $ 4,359 $ 3,942 Net Sales (a ssume all on creçdit) $37,953 $35,214

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1 2 The receivables turnover ratio reflects how many times average trade rec...View the full answer

Fundamentals of Financial Accounting

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