Computing and Interpreting the Receivables Turnover Ratio
A recent annual report for FedEx contained the following data:
| (dollars in thousands) | |
| Current Year | Previous Yea r |
Accounts receivable | $ 3.587.000 | $4,5 17,000 |
Less: Allowance for doubtful account | 196 .000 | 158,000 |
Net accounts receivable | $ 3.39 1.000 | $4,359,000 |
Net sales (assume all on credit) | $35.497,000 |
|
Required:
I. Determine the receivable s turnover ratio and average days sales in receivables for the current year.
2. Explain the meaning of each number
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