Suppose the following information was taken from the 2017 financial statements of FedEx Corporation , a major global transportation/delivery company. (in millions) 2017 2016 Accounts
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation , a major global transportation/delivery company. (in millions) 2017 2016 Accounts receivable (gross) $ 3,302 $ 4,396 Accounts receivable (net) 3,273 4,367 Allowance for doubtful accounts 29 29 Sales revenue 32,226 39,472 Total current assets 6,758 6,532 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.)
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