A recent annual report for FedEx contained the following data: Required: 1. Determine the receivables turnover ratio
Question:
A recent annual report for FedEx contained the following data:
Required:
1. Determine the receivables turnover ratio and average days sales in receivables for the current year.
2. Explain the meaning of eachnumber.
Transcribed Image Text:
Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) dollars in thousands) Current Year Previous Year 4,763,000 $4,329,000 $4,581,000 $4,163.000 182,000 166,000 $39,304,000
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Req 1 Req 2 The receivables turnover ratio reflects how many times average trade receiva...View the full answer
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Related Book For
Financial Accounting
ISBN: 978-0078025556
8th edition
Authors: Robert Libby, Patricia Libby, Daniel Short
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