Answer:
Merchandise inventory appears on the balance sheet of a service company.
Explanation:
A service company sells services, not goods. Services are intangible, therefore they cannot be stored, so there cannot exist an inventory of unused services.
Merchandise inventory includes the goods that a business owns and will try to sell, and buying and selling them is part of the business's normal activities. The cost of the goods included in the merchandise inventory may include freight costs and packaging costs, depending on what type of product they are selling. Merchandise inventory is a current asset account.
The limits of the terms of trade are determined by the comparative cost conditions in each country before trade:
Less commerce occurs as a result of partial specialization and rising costs than when costs are constant. The cost advantage one country has over another serves as the foundation for commerce. This explains why some countries make things that they also import since they are able to do so for less money than their trading partners.
What is comparative cost ?
Comparative costs refers to comparing, using a comparative costs approach, the costs of signing into a privatized contract to the expenses of the state maintaining to provide the services that are the subject of the contract.
Therefore,
Less commerce occurs as a result of partial specialization and rising costs than when costs are constant. The cost advantage one country has over another serves as the foundation for commerce. This explains why some countries make things that they also import since they are able to do so for less money than their trading partners.
To learn more about comparative cost from the given link:
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Answer:
$344,000
Explanation:
The applicable formula, in this case, is the accounting equation.
Assets= Liabilities + Equity.
Liabilities =$117,000
Equity =$227,000
Assets = $117,000 + $227,000
Assets = $344,000
Answer: False
Explanation:
The contract is such that Molly agreed to bring bracelets if Jean would pay for said bracelets.
The terms of the contract therefore are that Jean would pay and Molly would deliver. Jean then calls Molly and says that they will be unable to pay which means that they are not going to be able to hold up their responsibilities in the contract.
Molly has the right to then cancel the contract because the other party will not be able to perform their obligations and face no repercussion for it.
