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x C Chegg Stady | Guided Sc x Secure l https://edugen.w udent/mainfr.uni urks eBay 1-22 , Google [ Assignment 'ULLSCREENI PRINT RCES Exercise 8-14 (Part Level Submission) 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) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 3,430 $4,646 3,292 4,237 409 4,398 38,718 7,615 7,346 138 Answer each of the following questions tudy v (a) Your answer is incorrect. Try again. answers to I decimal place, e.g. 12.5. Use 365 days Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round calculation.) Accounts recelvable turnover The average collection period for 2017 Click if you would like to Show Work for this question: Oren Show Work times days Sensns All Rights Reserved. A Oision of iohn e to search
Explanation / Answer
Average receivable = (3292+4237)/2 = 3764.50
Account receivable turnover = Sales revenue/average receivable
= 34398/3764.50
Account receivable turnover = 9.1 times
The average collection period for 2017 = 365/9.1 = 40.1 days
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