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Computing and Interpreting the Receivables Turnover Ratio - A recent annual report for FedEx contained the following data:
(dollars in thousands)
Current Year
Previous Year
Accounts receivable
$3,587,000
$4,517,000
Less: Allowance for doubtful accounts
196,000
158,000
Net accounts receivable
$3,391,000
$4,359,000
Net sales (assume all on credit)
$35,497,000
Required:
1. Determine the receivables turnover ratio and average days sales in receivables for the current year.
2. Explain the meaning of each number.
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