Q 8.32: The financial statements of the Otter Company report net sales of $800,000 and accounts receivable of $40,000 and $20,000 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for the Otter Company

26.67 times

Explanation:

The financial statements of the Otter company reports a net sales of $800,000

The account receivables at the beginning of the year is $40,000

The account receivables at the end of the year is $20,000

Therefore, the account receivable turnover for the Otter company can be calculated as follows

= $800,000/($40,000+$20,000/2)

= $800,000/($60,000/2)

= $800,000/$30,000

= 26.67 times

Hence the account receivable turnover for the Otter company is 26.67 times

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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