Please do not give solution in image format thanku Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company.(in million)Accounts receivable (gross)Accounts receivable (net)Allowance for doubtful accountsSales revenueTotal current assets2022 2021$3,710 $4,5203,450 4,350260 17035,880 38.3807,160 284Answer each of the following questions.Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, eg. 12.5. Use 365 days for calculation)Accounts receivable turnoverThe average collection period for 2022eTextbook and Mediatimesdaysis accounts receivable a material component of the company's total current assets?

The ratio is the technique used by the prospective investor or an individual or strategist to read…

Suppose the following information was taken from the 2022 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 2022 2021 $3,710 $4,520 3,450 4,350 260 170 35,880 38.380 7,160 7,284 Answer each of the following questions Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, eg. 12.5. the 345 days for calculation) eTextbook and Media Accounts receivable turnover The average collection period for 2022 times days Is accounts receivable a material component of the company's total current assets?

Suppose the following information was taken from the 2022 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 2022 2021 $3,710 $4,520 3,450 4,350 260 170 35,880 38.380 7,160 7,284 Answer each of the following questions Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, eg. 12.5. the 345 days for calculation) eTextbook and Media Accounts receivable turnover The average collection period for 2022 times days Is accounts receivable a material component of the company's total current assets?

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter5: Professional Auditing Standards And The Audit Opinion Formulation Process

Section: Chapter Questions

Problem 9RQSC: Assume that an organization asserts that it has $35 million in net accounts receivable. Describe...

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Concept explainers

Bad Debts

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

Please do not give solution in image format thanku

Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company.
(in million)
Accounts receivable (gross)
Accounts receivable (net)
Allowance for doubtful accounts
Sales revenue
Total current assets
2022 2021
$3,710 $4,520
3,450 4,350
260 170
35,880 38.380
7,160 284
Answer each of the following questions.
Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, eg. 12.5. Use 365 days for calculation)
Accounts receivable turnover
The average collection period for 2022
eTextbook and Media
times
days
is accounts receivable a material component of the company's total current assets?

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How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…
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The following is select financial statement information from Vortex Computing: Year Net Credit Sales Ending Accounts Receivable 2018 $1,557,200 $398,000 2019 $1,755,310 $444,400 2020 $1,865,170 $500,780 Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2019 and 2020 (round answers to two decimal places): 2019 Accounts Receivable Turnover = ["", "", "", ""] times. 2019 Days' Sales in Receivables = ["", "", "", ""] days. 2020 Accounts Receivable Turnover = ["", "", "", ""] times. 2020 Days' Sales in Receivables = ["", "", "", ""] days. What do the outcomes tell a potential investor about Vortex Computing, if 2020 industry average for accounts receivable turnover ratio is 4.00 times and days’ sales in receivables ratio is 91.25 days? It takes Vortex Computing ["", "", ""] its competitors in the industry to collect on accounts receivable. If a lender were deciding between companies,…
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