value: 1.00 points A recent annual report for FedEx contained the following data

Question

value: 1.00 points A recent annual report for FedEx contained the following data Previous Yea Current Year S 3,787,000 185,000 4,677,000 153,000 Accounts receivable Less: Allowance for doubtful accounts Net accounts receivable Net sales (assume all on credit) S 3602.000 S 35,197,000 4,524,000 Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 36 be rounded to 2 decimal places.) Receivables Turnover Ratio Net sales Numerator S 35,197,000 ype here to search

Explanation / Answer

Receivable turnover ratio Numerator Net Sales = 35197000 = Denominator Average net trade account receivable = 4063000 = 8.66 Times Average days sales in receivables Numerator 365 = 365 = Denominator Receivable turnover = 8.66 = 42.15 Days

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