Suppose the following information was taken given answer accounting questions Suppose the following information was taken from the 2022 financialstatements of FedEx Corporation, a major global transportation/deliverycompany.(in millions)2022 2021Accounts receivable (gross)$3,750 $4,650Accounts receivable (net)3,350 4,350Allowance for doubtful accounts 400 300Sales revenueTotal current assets38,115 40,6157,196 7,262Calculate the accounts receivable turnover and the average collectionperiod for 2022 for FedEx.

Step 1: Define Accounts Receivable Turnover RatioThe accounts receivable turnover ratio can be…

Answered: Suppose the following information was…

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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Suppose the following information was taken from the 2025 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets (a) Answer each of the following questions. Accounts receivable turnover 2025 $3,720 Average collection period 3,350 370 36,575 7,190 2024 $4,640 4,350 290 39,075 Calculate the accounts receivable turnover and the average collection period for 2025 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) 7,252 times days
Suppose the 2022 Adidas financial statement contain the following selected data (in millions) current assets 4215 total assets 9000 current liabilities 4860 cash 755 interest expense 150 income tax 190 net income 275 a.working capital b.current ratio c.debt to assets ratio d.times interest earened
Find the following using the data bellow Accounts receivable = 111,100,000 Current assets = 316,500,000 Total assets = 600,000,000 A. Return on assets B. Common equity C .Quick ratio
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). Current assets 3M Company Balance Sheets (partial) Cash and cash equivalents Accounts receivable, net Inventories Other current assets Total current assets Current liabilities Screenshot Current ratio Working capital 2022 $ $3,180 3,600 2,738 1,932 $11,450 $4,830 2021 $1,836 3,180 3,019 1,590 Suppose that at the end of 2022, 3M management used $183 million cash to pay off $183 million of accounts payable. How would its current ratio and working capital have changed? (Round current ratio to 2 decimal places, e.g. 1.25: 1. Enter working capital answer to million.) $9,625 $5,887 :1 million Done
Suppose McDonald's 2022 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities (a1) a. b. Compute the following values. C. $3,416.0 Interest expense 30,224.0 d. 2,988.0 16,191.0 Income taxes Net income $473.0 1,936.0 4,551.0 Current ratio. (Round to 2 decimal places, e.g. 6.25:1.) Working capital. (Round to 1 decimal place, e.g. 5,275.5) Debt to assets ratio. (Round to 0 decimal places, e.g. 62%.) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) millions :1 % times
Some selected financial statement items belonging to PXR Company are given in the table below. According to this information, which of the following is Return on Assets (ROA) in 2021? Receivables 18,500 Total Assets in 2021 130,000 Current Liabilities 42,000 Total Assets in 2020 110,000 Profit before Tax 18,000 Tax 3,000 Select one: a. 0.125 b. 0.150 c. 0.205 d. 0.137
E10.18 (LO 5), AN Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions). 3M CompanyBalance Sheets (partial) 2022 2021 Current assets Cash and cash equivalents $ 3,040 $1,849 Accounts receivable, net 3,250 3,195 Inventories 2,639 3,013 Other current assets 1,866 1,541 Total current assets $10,795 $9,598 Current liabilities $ 4,897 $5,839 Instructions Calculate the current ratio and working capital for 3M for 2021 and 2022. Suppose that at the end of 2022, 3M management used $300 million cash to pay off $300 million of accounts payable. How would its current ratio and working capital have changed?
Find the following
The comparative balance sheets for 2021 and 2020 are given below for Surmise Company. Net income for 2021 was $58 million. SURMISE COMPANYComparative Balance SheetsDecember 31, 2021 and 2020($ in millions) 2021 2020 Assets Cash $ 90 $ 98 Accounts receivable 78 84 Less: Allowance for uncollectible accounts (15 ) (6 ) Prepaid expenses 10 5 Inventory 121 110 Long-term investment 63 35 Land 76 76 Buildings and equipment 311 215 Less: Accumulated depreciation (103 ) (86 ) Patent 13 15 $ 644 $ 546 Liabilities Accounts payable $ 7 $ 19 Accrued liabilities 2 8 Notes payable 26 0 Lease liability 89 0 Bonds payable 53 99 Shareholders’ Equity Common stock 58 50 Paid-in capital—excess of par 247 205…
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Given the data in the following table, accounts receivable in 2023 was…
Suppose the 2025 adidas financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities Cash $4,582 8,900 2,900 5,162 (c) 750 (a1) Compute the following values. Interest expense Income taxes Net income (a) Working capital. (Enter answer in millions.) $150 100 275 (b) Current ratio. (Round to 2 decimal places, e.g. 6.25:1.) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) (d) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) $ ta millions :1 % times

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