A recent annual report for FedEx contained the following data:
|
(dollars in thousands)
|
|
Current Year |
Previous Year |
| Accounts receivable |
|
$ |
3,777,000 |
|
|
$ |
4,687,000 |
|
| Less: Allowance for doubtful accounts |
|
|
182,000 |
|
|
|
155,000 |
|
| Net accounts receivable |
|
$ |
3,595,000 |
|
|
$ |
4,532,000 |
|
| Net sales (assume all on credit) |
|
$ |
36,097,000 |
|
|
|
|
|
|
Required:
Determine the receivables turnover ratio and average days sales in receivables for the current year. (Use 365 days a year. Enter your answers in thousands not in dollars. Ratio values should be rounded to 2 decimal places.)