Parker Corporation's comparative balance sheets for year-end at December 31, 2024 are presented below: Accounts 2024 2023 Cash $12,500 $5,500 Accounts Receivable $8,300 $16,900 Inventory $15,000 $10,000 Land $36,000 $30,000 $80,000 $80,000 Buildings Accumulated Depreciation (Buildings) ($17,000) ($13,000) Total Accounts Payable Common Stock ($5 par) $134,800 $129,400 $22,800 $35,000 $70,000 $70,000 $42,000 $24,400 $134,800 $129,400 Retained Earnings Total Parker's 2024 income statement included net sales of $150,000, cost of goods sold of $90,000, and net income of $22,000. Compute the accounts receivable turnover and average collection period ratio for 2024.

Parker Corporation's comparative balance sheets for year-end at December 31, 2024 are presented below: Accounts 2024 2023 Cash $12,500 $5,500 Accounts Receivable $8,300 $16,900 Inventory $15,000 $10,000 Land $36,000 $30,000 $80,000 $80,000 Buildings Accumulated Depreciation (Buildings) ($17,000) ($13,000) Total Accounts Payable Common Stock ($5 par) $134,800 $129,400 $22,800 $35,000 $70,000 $70,000 $42,000 $24,400 $134,800 $129,400 Retained Earnings Total Parker's 2024 income statement included net sales of $150,000, cost of goods sold of $90,000, and net income of $22,000. Compute the accounts receivable turnover and average collection period ratio for 2024.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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