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Suppose the following information was taken from the 2022 financial statements of FedEx Corporation (in millions) , a major global transportation/delivery company.
2022 2021
Accounts receivable (gross) $ 3,740 $ 4,670
Accounts receivable (net) 3,350 4,350
Allowance for doubtful accounts 390 320
Sales revenue 35,490 37,990
Total current assets 7,174 7,268
Problem 1: Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx.
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