(Answered) Question - the following information was taken from the

Accounting

Question - The following information was taken from the 2007 financial statements of FedEx Corporation, a major global transportation/delivery company.

(In millions) 2007 2006

Accounts receivable (gross) $4,078 $3,660

Accounts receivable (net) 3,942 3,516

Allowance for doubtful accounts 136 144

Sales 35,214 32,294

Total current assets 6,629 6,464

Answer each of the following questions.

(a) Calculate the receivables turnover ratio and the average collection period for 2007 for FedEx.

(b) Is accounts receivable a material component of the company's total current assets yes or no?

Calculate what percentage accounts receivable (net) is of current assets for 2007.

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