FedEx Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 4 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 81? 2019 $9,415 Receivables Tumover Ratio Days to Collect 74 493 2018 $8,880 (400) $8,450 $65,450 (300) $9,115 $69,690 Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days
FedEx Corporation reported the following rounded amounts (in millions): Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable, Net of Allowance Net Sales (assume all on credit) Required: 4 1. Determine the receivables turnover ratio and days to collect for 2019. 2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to 2018, when the turnover was 81? 2019 $9,415 Receivables Tumover Ratio Days to Collect 74 493 2018 $8,880 (400) $8,450 $65,450 (300) $9,115 $69,690 Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Required 1 Required 2 Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate calculations. Round your final answers to 1 decimal place.) times days
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
![E8-16 (Static) Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4]
FedEx Corporation reported the following rounded amounts (in millions):
Accounts Receivable.
Allowance for Doubtful Accounts
Accounts Receivable, Net of Allowance
Net Sales (assume all on credit)
2019
$9,415
(300)
$9,115
$69,690
4
Required:
1. Determine the receivables turnover ratio and days to collect for 2019.
2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to
2018, when the turnover was 8.1?
2018
$8,880
(400)
$8,450
$65,450
Receivables Turnover Ratio
Days to Collect
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate
calculations. Round your final answers to 1 decimal place.)
743 times
493 days](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9363a9a3-ead7-406c-8d03-6997707b9c24%2F263d825c-b17c-40fe-a7fe-93369a5eb88f%2Fz8i465g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:E8-16 (Static) Analyzing and Interpreting Receivables Turnover Ratio and Days to Collect [LO 8-4]
FedEx Corporation reported the following rounded amounts (in millions):
Accounts Receivable.
Allowance for Doubtful Accounts
Accounts Receivable, Net of Allowance
Net Sales (assume all on credit)
2019
$9,415
(300)
$9,115
$69,690
4
Required:
1. Determine the receivables turnover ratio and days to collect for 2019.
2. Do the measures calculated in requirement 1 represent an improvement (or deterioration) in receivables turnover, compared to
2018, when the turnover was 8.1?
2018
$8,880
(400)
$8,450
$65,450
Receivables Turnover Ratio
Days to Collect
Answer is complete but not entirely correct.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Determine the receivables turnover ratio and days to collect for 2019. (Use 365 days in a year. Do not round intermediate
calculations. Round your final answers to 1 decimal place.)
743 times
493 days
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