Financial Statement Data for the Years Ended December 31 for Parker

question 220

Essay

Financial statement data for the years ended December 31 for Parker Corporation are as follows:
​ $\begin{array}{lrr} & \text { Current Year } & \text { Prior Year } \\\text { Sales } & \$ 2,595,600 & \$ 2,409,498\\\text { Fixed assets (net): }\\\text { Beginning of the year } & \$ 901,070 & \$ 820,000 \\\text { End of the year } & 829,330 & 901,070\end{array}$ ​
(a) Determine the fixed asset turnover for the current and prior years.
(b) Does the change in fixed asset turnover from the prior year to the current year indicate a favorable or
unfavorable trend?

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Definitions:

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