Answer:
best combination of resources to use to produce a product.
Explanation:
Capitalism also referred to as free-enterprise system or free market can be defined as a type of economy in which prices, products and services are being determined by the market rather than the government. Thus, capitalism is devoid (free) of government regulations, interference or control because the market (enterprises) are the ones who are saddled with the responsibility of determining the market forces.
Simply stated, a pure capitalism is a type of economy that is completely driven by demand and supply of goods and services.
In a society, the role of an entrepreneur is mainly focused on bringing the four (4) factors of production together and take the risks of producing output, so as to generate revenue through sales and make economic profits in the long-run.
Hence, the profit and loss system of capitalism helps entrepreneurs determine best combination of resources to use to produce a product.
Answer:
H. J. HEINZ COMPANY
Partial Balance Sheet
For the month ended April 30, 2017
Assets
<u>Current assets</u>
Cash $373,145
Accounts receivable $1,171,797
Inventory $1,237,613
Prepaid insurance <u>$125,765
</u>
Total current assets <u> $2,908,320</u> A
<u>Property, plant, and equipment</u>
Land $76,193
Buildings $4,033,369
Less: Accumulated depreciation <u>$2,131,260</u> <u>$1,902,109</u>
<u>$1,978,302</u> B
<u>Intangible assets</u>
Goodwill $3,982,954
Trademarks <u>$757,907 </u>
<u>$4,740,861 </u>C
Total assets (A+B+C) $9,627,483
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A turnover of 7 times represents the company issued and collected trade credit, at the level of its accounts receivable balance, 7 times during the year.
The number of times per year that a company collects its average accounts receivable is referred to as accounts receivable turnover.Accounts receivable turnover is a measure used by accountants and analysts to assess how effectively businesses collect on credit given to customers.
The higher your receivable turnover ratio, the better, because it indicates that your customers pay their invoices on time and that your company collects debts efficiently. A higher turnover ratio also indicates improved cash flow and a more solid balance sheet or income statement.
To know more about receivables turnover, click here.
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