Question: A recent annual report for FedEx contained the following data: Required: 1. Determine the accounts receivable turnover ratio and average days sales in receivables for

A recent annual report for FedEx contained the following data:

Required:
1. Determine the accounts receivable turnover ratio and average days sales in receivables for the current year.
2. Explain the meaning of eachnumber.

(dollars in thousands) Current Year Previous Year Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) $3,178,000 $2,776,000 149,000 3,027,000 $2.627.000 151,000 $24,710,000

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