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) $3,740 $4,610
Accounts receivable (net) 3,400 4,350
Allowance for doubtful accounts 340 260
Sales revenue 33,325 35,825
Total current assets 7,170 7,292

Required:
Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx.

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.

Which phase describes the income effect

What would happen in the market for knee replacement surgery if insurance companies started to cover a smaller portion of the cost of the surgery?