Homework Answers
Accounts Receivable Turnover = Net Sales / Average Net Accounts
Receivables
= $33102 / $3626 = 9.13
Average Net Accounts Receivable = ($3949+3303)/2 = $3626
Average Collection Period = 365 / Accounts Receivable
Turnover
= 365 / 9.13 = 39.98 days
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BACK CALCULATOR PRINTER VERSION Suppose the following information was taken from the 2017 financial statements of...
CALCULATOR BACK FULL SCREEN PRINTER VERSION Exercise 8-16 a-b Suppose the following Information was taken from...
CALCULATOR BACK FULL SCREEN PRINTER VERSION Exercise 8-16 a-b Suppose the following Information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company (in millions) 2022_ 2021 Accounts receivable (gross) $ 3,750 $4,650 Accounts receivable (net) 3,350 4,350 Allowance for doubtful accounts 400 Sales revenue 38,115 40,615 Total current assets 7,196 7,262 300 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. 2017 2016 $ 3,426 3,400 (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 26 $ 4,342 4,238 104 34,375 7,062 37,658 6,532 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5....
Exercise 8-14 (Part Level Submission) Suppose the following information was taken from the 2017 financial statements...
Exercise 8-14 (Part Level Submission)
Suppose the following information was taken from the 2017 financial
statements of FedEx Corporation, a major global
transportation/delivery company.
(in millions)
2017
2016
Accounts receivable (gross)
$ 3,852
$ 4,692
Accounts receivable (net)
3,425
4,599
Allowance for doubtful accounts
427
93
Sales revenue
33,684
36,359
Total current assets
7,758
7,628
Answer each of the following questions.
(a)
Your answer is incorrect. Try again.
Calculate the accounts receivable turnover and the average
collection period for 2017...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global tr...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2017 2016 Accounts receivable (gross) $ 3,704 $ 4,562 Accounts receivable (net) 3,263 4,069 Allowance for doubtful accounts 441 493 Sales revenue 37,499 35,432 Total current assets 7,754 7,016 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5. Use...
Exercise 8-14 (Part Level Submission) Suppose the following information was taken from the 2017 financial statements...
Exercise 8-14 (Part Level Submission) Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. 17 (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2017 $ 3,839 3,133 706 38,387 6,692 2016 $ 4,712 4,536 176 38,915 6,915 Answer each of the following questions. (a) x Your answer is incorrect. Try again. Calculate the accounts receivable turnover and the average collection period...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel,...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel, Accounting, 6e Help 1 System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $3,800 $ 4,520 3,450 4,350 Accounts receivable (net) Allowance for doubtful accounts 350 170 Sales revenue 36,660 39,160 7,178 7,284 Total current assets 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, e.g. 12.5. Use 365 days...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major...
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 2022 2021 $3,750 $4,610 3.400 4,350 350 260 31,775 34,275 7,168 7,318 Sales revenue Total current assets 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, e.g. 12.5. Use 365 days for...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company (in millions) 2022 2021 Accounts receivable (gross) $3.587 $4,517 3,391 4.359 Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 196 35,497 7.116 158 37,953 7,244 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 plac, calculation) 12.5. Use 365 days for...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $3,620 $4,540 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 220 140 Sales revenue 36,270 38,770 Total current assets 7,210 7,308 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days...
CALCULATOR BACK FULL SCREEN PRINTER VERSION Exercise 8-16 a-b Suppose the following Information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company (in millions) 2022_ 2021 Accounts receivable (gross) $ 3,750 $4,650 Accounts receivable (net) 3,350 4,350 Allowance for doubtful accounts 400 Sales revenue 38,115 40,615 Total current assets 7,196 7,262 300 Answer each of the following questions. Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers...
Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. 2017 2016 $ 3,426 3,400 (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 26 $ 4,342 4,238 104 34,375 7,062 37,658 6,532 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation. (Round answers to 1 decimal place, e.g. 12.5....
Exercise 8-14 (Part Level Submission)
Suppose the following information was taken from the 2017 financial
statements of FedEx Corporation, a major global
transportation/delivery company.
(in millions)
2017
2016
Accounts receivable (gross)
$ 3,852
$ 4,692
Accounts receivable (net)
3,425
4,599
Allowance for doubtful accounts
427
93
Sales revenue
33,684
36,359
Total current assets
7,758
7,628
Answer each of the following questions.
(a)
Your answer is incorrect. Try again.
Calculate the accounts receivable turnover and the average
collection period for 2017...
Exercise 8-14 (Part Level Submission) Suppose the following information was taken from the 2017 financial statements of FedEx Corporation, a major global transportation/delivery company. 17 (in millions) Accounts receivable (gross) Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 2017 $ 3,839 3,133 706 38,387 6,692 2016 $ 4,712 4,536 176 38,915 6,915 Answer each of the following questions. (a) x Your answer is incorrect. Try again. Calculate the accounts receivable turnover and the average collection period...
7, and drag to the Favorites Bar folder. Or import from another browser. Import favorites Kimmel, Accounting, 6e Help 1 System Announcements CALCULATOR PRINTER VERSION BACK Brief Exercise 215 The ledger of the Ramirez Company at the end of the current year shows Accounts Receivable of $200,000. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 8% of accounts receivable, journalize the adjusting entry for end of...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $3,800 $ 4,520 3,450 4,350 Accounts receivable (net) Allowance for doubtful accounts 350 170 Sales revenue 36,660 39,160 7,178 7,284 Total current assets 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, e.g. 12.5. Use 365 days...
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 2022 2021 $3,750 $4,610 3.400 4,350 350 260 31,775 34,275 7,168 7,318 Sales revenue Total current assets 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, e.g. 12.5. Use 365 days for...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company (in millions) 2022 2021 Accounts receivable (gross) $3.587 $4,517 3,391 4.359 Accounts receivable (net) Allowance for doubtful accounts Sales revenue Total current assets 196 35,497 7.116 158 37,953 7,244 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 plac, calculation) 12.5. Use 365 days for...
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions) 2022 2021 Accounts receivable (gross) $3,620 $4,540 Accounts receivable (net) 3,400 4,400 Allowance for doubtful accounts 220 140 Sales revenue 36,270 38,770 Total current assets 7,210 7,308 Answer each of the following questions. (a) Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days...
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