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A recent annual report for FedEx contained the following data: Numerator Denominator (dollars in thousands) Numerator Denominator Current Year $ 9,376,000 295,000 $ 9,081,000 $ 69,713,000 Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Receivables Turnover Ratio Previous Year $ 88,402,000 405,000 $ 87,997,000 Average Days Sales in Receivables times days

A recent annual report for FedEx contained the following data: Numerator Denominator (dollars in thousands) Numerator Denominator Current Year $ 9,376,000 295,000 $ 9,081,000 $ 69,713,000 Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Receivables Turnover Ratio Previous Year $ 88,402,000 405,000 $ 87,997,000 Average Days Sales in Receivables times days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E6-24 (Algo) Computing and Interpreting the Receivables Turnover Ratio LO6-3 A recent annual report for FedEx contained the following data: Numerator Denominator (dollars in thousands) Numerator Denominator Current Year $ 9,376,000 295,000 $9,081,000 $ 69,713,000 Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Receivables Turnover Ratio Previous Year $ 88,402,000 405,000 $ 87,997,000 Average Days Sales in Receivables times days
Transcribed Image Text:E6-24 (Algo) Computing and Interpreting the Receivables Turnover Ratio LO6-3 A recent annual report for FedEx contained the following data: Numerator Denominator (dollars in thousands) Numerator Denominator Current Year $ 9,376,000 295,000 $9,081,000 $ 69,713,000 Accounts receivable Less: Allowances Net accounts receivable Net sales (assume all on credit) Required: 1. Determine the receivables turnover ratio and average days sales in receivables for the current year. Note: Use 365 days a year. Enter your answers in thousands not in dollars. Receivables Turnover Ratio Previous Year $ 88,402,000 405,000 $ 87,997,000 Average Days Sales in Receivables times days
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