Question: A recent annual report for FedEx contained the following data dollars in thousands Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales

A recent annual report for FedEx contained the following data dollars in thousands Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) Current Year $ 3,617,000 185,000 $ 3,432,000 $ 34,697,000 Previous Year $ 4,667,000 153.000 $ 4,514,000 Required 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Enter your answers in thousands not in dollars. Ratio values should be rounded to 2 decimal places.) Receivables Turnover Rati Numerator times Denominator Average Days Sales in Receivables Numerator days Denominator
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
