Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Mar 23, 2024

The Elk Corporation has provided the following information . Total sales were $3,030,000. Beginning net accounts receivable was $111,000. Ending net accounts receivable was

The Elk Corporation has provided the following information . Total sales were $3,030,000. Beginning net accounts receivable was $111,000. Ending net accounts receivable was $161,500. .Sales returns and allowances totaled $221,000. What was Elk's receivables turnover ratio?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

To calculate Elk Corporations receivables turnover ratio we need to divide the net credit sales ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial and Managerial Accounting

Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura

5th edition

9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292

More Books

Students also viewed these Accounting questions

Question

A start-up company is about to market a new computer printer. It decides to gamble by running commericals during the Super Bowl. The company hopes that name recognition will be worth the high cost of...

Answered: 1 week ago

Question

★★★★★

The following is information taken from the June 30, 2014, balance sheet of Tippleton Company: Part 1 During July, Tippleton Company recorded total sales of $850,000, all on credit. There were...

Answered: 1 week ago

Question

★★★★★

Consider the following topological sorting algorithm Algorithm: Topological Sorting: procedure topological sort (S: finite poset) k:=1; while S begin ak: a minimal element of S S:= S-{ak} k++ end (a,...

Answered: 1 week ago

Question

★★★★★

Bally Manufacturing sent Intel Corporation an invoice for machinery with a $13,500 list price. Bally dated the invoice August 5 with 3/10 EOM terms. Intel receives a 20% trade discount. Intel pays...

Answered: 1 week ago

Question

★★★★★

Suppose that the temperature T at the point (x, y, z) depends only on the distance from the origin. Show that the direction of greatest increase in T is either directly toward the origin or directly...

Answered: 1 week ago

Question

★★★★★

Describe the various ways Huawei has invested in Africa. LO1

Answered: 1 week ago

Question

★★★★★

How does the literal nature of computers limit them? How have advances in computing enabled machine learning to remove these limitations?

Answered: 1 week ago

Question

★★★★★

You have just been as a stock analyst for a large stock brokerage company. Your first assignment is to analyze the performance of Gidley Electronics. The company's balance sheet for 2011 and 2012 is...

Answered: 1 week ago

Question

★★★★★

You purchase a bond with an invoice price of $1,040 and a par value of $1,000. The bond has a coupon rate of 57 percent, and there are four months to the next semiannual coupon date. Assume a par...

Answered: 1 week ago

Question

★★★★★

1. Journalize each of the following transactions 2. Prepare a schedule to show division of partnership income at the end of 2016, 2017 and 2018 3. Show your work as needed to record the admission or...

Answered: 1 week ago

Question

★★★★★

Assuming that Marin Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2018. (Round ratios for computational purposes to 0 decimal places,...

Answered: 1 week ago

Question

★★★★★

5. Find the tension in the cable and the force exerted by the hinge on the beam. The beam has mass 50.0 kg and length 7.00m. (754N; 492N at 10.2 below hzntl) 80.0 30.0 7.00 m 2.00 m

Answered: 1 week ago

Question

★★★★★

The ethical principle of applies to the security of payroll records. Multiple Choice Professional Competence and Due Care Integrity Confidentiality Objectivity and Independence

Answered: 1 week ago

Question

★★★★★

QS 1-7 (Algo) Applying the accounting equation LO A1 a. Total assets of Charter Company equal $730,000 and its equity is $435,000. What is the amount of its liabilities? b. Total assets of Martin...

Answered: 1 week ago

Question

★★★★★

Grab a pen and paper and go to your closet. Take out the items that you wear the most and see what percentage is made in the Philippines and in other countries. How imports affect our economic...

Answered: 1 week ago

Question

★★★★★

Match the corresponding emotional intelligence (EI) domain to the associated EI skill. A. Relationship management B. Social awareness C. Self-management D. Self-awareness select 1. Accurate...

Answered: 1 week ago

Question

★★★★★

Exercise 9-4 (Algo) Accounting for note payable LO P1 Sylvestor Systems borrows $80,000 cash on May 15 by signing a 180-day, 6%, $80,000 note. 1. On what date does this note mature? 2-a. Prepare the...

Answered: 1 week ago

Question

★★★★★

Which of the companies has the lowest accounts receivable turnover in the year 20X2? a. Company A. b. Company B. c. Company C. d. CompanyD. 20X1 20X2 Credit Sales Average Receivables Balance $1.0...

Answered: 1 week ago

Question

★★★★★

Journalize the following sales transactions for Sandman Camera Store using the periodic inventory system. Explanations are not required. Dec. 3 Sandman sold $44,800 of camera equipment on account,...

Answered: 1 week ago

Question

★★★★★

San Antonio Veterinary Hospital completed the following worksheet as of December 31, 2016. Requirements 1 Complete the worksheet for San Antonio Veterinary Hospital. 2. Prepare the closing entries....

Answered: 1 week ago

Question

★★★★★

Gabrick Company sells a product for $30 per unit. Variable costs are $20 per unit, and fixed costs are $2,500 per month. The company expects to sell 560 units in September. Prepare an income...

Answered: 1 week ago

Question

★★★★★

If Fisher discards the rational world paradigm, why does he advocate narrative rationality? How are they different?

Answered: 1 week ago

Question

★★★★★

Aristotle spent a great deal of time discussing the role of the audience. If you were giving a speech on safety to a group of convenience store employees, what sort of audience analysis would you...

Answered: 1 week ago

Question

★★★★★

Burke believes that symbols, and language, in particular, are critical in life. When he says that symbolic action is more than mere physical or material reality, what do you think he means?

Answered: 1 week ago

Previous Question Next Question