Question 12 The following information has been collected from the financial accounts of a company for the year ending December 31, 2019: Parker plc Trade receivables, January 1, 2019 14,500 Trade payables, January 1, 2019 27,900 Credit sales revenue during 2019 50,000 Credit purchases during 2019 44,000 Cash receipts from credit customers during 2019 32,000 Cash payments for trade payables during 2019 26,700 The business did not have any bad debts arising during 2019 and does not maintain an allowance for trade receivables. (a) Calculate the average settlement period for trade receivables for 2019 (using average trade receivables). (2 marks) (b) Calculate the average settlement period for trade payables for 2019 (using average trade payables). (2 marks)