A recent annual report for FedEx contained the following data: 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. Numerator Denominator Numerator Denominator (dollars in thousands) Current Year Previous Year $9,416,000 $ 88,452,000 293,000 397,000 $9,123,000 $ 88,055,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Average Days Sales in Receivables 365 Receivables turnover 365 1.43 0 times 255.24 days

A recent annual report for FedEx contained the following data: 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. Numerator Denominator Numerator Denominator (dollars in thousands) Current Year Previous Year $9,416,000 $ 88,452,000 293,000 397,000 $9,123,000 $ 88,055,000 $ 69,703,000 Receivables Turnover Ratio Net sales Average net trade accounts receivable Average Days Sales in Receivables 365 Receivables turnover 365 1.43 0 times 255.24 days

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EA: Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning...

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