Financial statement data for the years ended December 31 for Parker Corporation are as follows:SalesAccounts receivable:Beginning of yearEnd of yearCurrent YearCurrent Year$2,595,600Current Year390,000434,000a. Determine the accounts receivable turnover for each year. Round your answers to one decimal place.Accounts ReceivableTurnovertimestimesPrior Year$2,409,500400,000390,000Prior Yearb. Determine the days' sales in receivables for each year. Round your answers to nearest day. Assume 365 days per year.Number of Days' Salesin ReceivablesdaysdaysPrior Yearc. Does the change in accounts receivable turnover and days' sales in receivables from the first year to the second year indicate a favorable orunfavorable change?

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Description: Financial statement data for the years ended December 31 for Parker Corporation are as follows:SalesAccounts receivable:Beginning of yearEnd of yearCurrent YearCurrent Year$2,595,600Current Year390,000434,000a. Determine the accounts receivable turn

Days sales in receivable is calculated by dividing number of days in a year by accounts receivable…

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Financial statement data for the years ended December 31 for Parker Corporation are as follows: Current Year Current Year Sales Accounts receivable: Beginning of year End of year a. Determine the accounts receivable turnover for each year. Round your answers to one decimal place. $2,595,600 Current Year 390,000 434,000 Accounts Receivable Turnover times times Prior Year $2,409,500 Prior Year b. Determine the days' sales in receivables for each year. Round your answers to nearest day. Assume 365 days per year. Number of Days' Sales in Receivables days days 400,000 390,000 Prior Year c. Does the change in accounts receivable turnover and days' sales in receivables from the first year to the second year indicate a favorable or unfavorable change?

Financial statement data for the years ended December 31 for Parker Corporation are as follows: Current Year Current Year Sales Accounts receivable: Beginning of year End of year a. Determine the accounts receivable turnover for each year. Round your answers to one decimal place. $2,595,600 Current Year 390,000 434,000 Accounts Receivable Turnover times times Prior Year $2,409,500 Prior Year b. Determine the days' sales in receivables for each year. Round your answers to nearest day. Assume 365 days per year. Number of Days' Sales in Receivables days days 400,000 390,000 Prior Year c. Does the change in accounts receivable turnover and days' sales in receivables from the first year to the second year indicate a favorable or unfavorable change?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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