Explanation:
An earthworm is a terrestrial invertebrate that belongs to the phylum Annelida. They exhibit a tube-within-a-tube body plan, are externally segmented with corresponding internal segmentation, and usually have setae on all segments. They occur worldwide where soil, water, and temperature allow
Answer:
a. The inventory turnover is 8.00 times
b. The days’ sales in inventory is 68 days
Explanation:
a. In order to calculate the inventory turnover we would have to use the following formula:
inventory turnover=cost of goods sold/average inventory
inventory turnover=$ 48,800/($3,100+$ 9,100)/2
inventory turnover=8.00 times
b. In order to calculate thedays’ sales in inventory we would have to use the following formula:
days’ sales in inventory=(Ending invenory/cost of goods sold)*365
days’ sales in inventory=($9,100/$48,800)*365
days’ sales in inventory=68 days
Answer: The statement "d. The excess of the credits of an asset account over the debits is the balance of the account.". is <u>NOT TRUE.</u>
Explanation: The statement "d." is not true because according to the basic equity equation (ASSETS = LIABILITIES + EQUITY).
The excess of the debits of an asset account over the credits is the balance of the account and the excess of the credits of an owner's equity account or a liability account over the debits is the balance of the account.
If the country can produce a good or service at a lower opportunity cost, it has a comparative advantage.
<h3>
What is comparative advantage?</h3>
- In an economic model, agents have a comparative advantage over others if they can produce that good at a lower relative opportunity cost or autarky price, i.e. at a lower relative marginal cost prior to the trade.
- Comparative advantage describes the economic reality of trade advantages for people, firms, or nations as a result of disparities in their factor endowments or technological progress.
- (The absolute advantage, comparing output per time (labor efficiency) or per quantity of raw material (monetary efficiency), is typically considered more intuitive but less accurate – productive trade is possible as long as the opportunity costs of manufacturing commodities vary between countries.)
Therefore, if the country can produce a good or service at a lower opportunity cost, it has a comparative advantage.
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Sana Gill deposited $3500 into a new business checking account to begin her new bookkeeping firm, Gill Bookkeeping. This business transaction would increase the company's cash, and increase Sana Gill's Capital.
<h3>A business transaction is what?</h3>
A financial exchange of commodities, money, or services between two or more people is referred to as a business transaction. A commercial exchange must have a measurable monetary value in order to be considered a transaction for accounting purposes. Business dealings will have an impact on the company's finances.
A long-term service contract might be as complicated as a business transaction, or it can be as simple as a cash purchase. The following requirements must be met for a transaction to qualify as a commercial transaction:
- The deal can be valued financially.
- The company and the third party engage in the transaction.
- The deal is made on behalf of the company and not for a person's personal benefit.
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