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Question - The following information was taken from the 2009 financial statements of FedEx Corporation, a major global transportation/delivery company
(in millions)
2009
2008
Accounts receivable (gross)
$ 3,587
$ 3,391
Accounts receivable (net)
3,391
4,359
Allowance for doubtful accounts
196
158
Sales
35,497
37,953
Total current assets
7,116
7,244
Required - Answer each of the following questions.
(a) Calculate the receivables turnover ratio and the average collection period for 2009 for FedEx.
(b) Is accounts receivable a material component of the company's total current assets?
(c) Evaluate the balance in FedEx's allowance for doubtful accounts.
Journalize these transactions in a two-column journal, using the appropriate number to identify the transactions. Journal entry explanations may be omitted
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