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) $3,773 $4,675
Accounts receivable (net) 3,638 4,358
Allowance for doubtful accounts 135 317
Sales revenue 33,080 41,218
Total current assets 7,196 7,502
Required:
Calculate the accounts receivable turnover and the average collection period for 2017 for FedEx Corporation.
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