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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
4,517
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
Instructions
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.
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