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ehidna [41]
2 years ago
7

Omar is setting up his company in quickbooks and selects the accrual basis of accounting. how will his business record income an

d expenses?
Business
1 answer:
algol [13]2 years ago
4 0

Omar is setting up his company in QuickBooks and selects the accrual basis of accounting. income is recorded when sales are made; expenses are recorded when incurred while his business record income and expenses.

Accrual accounting is a method of accounting in which revenue or expense is recognized when a transaction occurs, rather than when payment is made. This method follows the matching principle that income and expenses should be recorded in the same period.

Basic knowledge of debits and credits and what goes on behind the scenes. To use a QuickBooks backup file, you must restore it first. All commands accessible from the home page can also be found in the menu bar.

Learn more about QuickBooks at

brainly.com/question/24441347

#SPJ4

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ctivity-Based Costing Casual Cuts Inc. has total estimated factory overhead for the year of $225,000, divided into four activiti
VMariaS [17]

Answer:The activity rate for each activity of Company CC is:

Activity rate for cutting is $60 per dlh.

Activity rate for sewing is $15 per dlh.

Activity rate setup is $80 per setup.

Activity rate for inspection is $65 per inspection.

Explanation: Activity based costing trace overhead cost to each activity and absorbed at a rate for each activity rather than a rate per direct labour hour

Calculate activity rate for cutting

Cutting = cost of cutting/ Number of labour hours

$90,000/1500 = $60 per direct labour hour

Calculate the cost of sewing

Sewing= cost of sewing/ Number of labour hours

$22,500/1500 = $15 per direct labour hour

Calculate the cost of set up

Setup = cost of set up/ number of set ups

$80,000/ 1000 = $80 per set up

Calculate the cost of inspection

Inspection = cost of inspection/ number of inspection

$32,500/ 500 = $65 per inspection

5 0
3 years ago
In order to encourage employee ownership of the company’s $1 par common shares, Washington Distribution permits any of its emplo
Shtirlitz [24]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

6 0
3 years ago
Wayco Industrial Supply has a pretax cost of debt of 7.6 percent, a cost of equity of 16.8 percent, and a cost of preferred stoc
Vanyuwa [196]

Answer:

14.88%

Explanation:

Market value of common stock outstanding = 220,000 * $27 = $5,940,000

Market value of preferred stock = 25,000 * $41 = $1,025,000

Market value of bond = $550,000 * 101.2% = $556,600  

Wayco's total financing market value = $5,940,000 + $1,025,000 + $556,600 = $7,521,600

Weighted average cost of capital = [($5,940,000 / $7,521,600) * 16.8%] + [($1,025,000 / $7,521,600) * 9.1%] + [($556,600 / $7,521,600) * 7.6% * (1 - 34%)] = 0.1488, or 14.88%

8 0
3 years ago
Quick assets include which of the following? Multiple Choice Market securities, receivables, and inventories. Cash, marketable s
just olya [345]

Answer:

The correct answer is letter "C": Cash, marketable securities, and receivables.

Explanation:

The quick assets of a company can easily be converted into cash. Quick assets include <em>cash, account receivables, </em>and<em> marketable securities</em>, which are equity and debt securities that can be converted into cash within one year. To calculate the company's quick assets add its cash, account receivables, and marketable securities and subtract its inventory from that result.

8 0
3 years ago
What is the dirty price of a bond? the bond's price less an adjustment for changes in interest rates the bond's price based only
Sophie [7]

Answer:

The dirty price of a bond is referred to:

  • The actual price of the bond.
  • Also the cash flows in futureand its values.

Explanation:

Dirty price of bond: The dirty price of bond is referred to the actual and present value of the bond.

Also is referred to the present value of the bonds or the future cash flows.

In financial terms a dirty price of bond is said to be the bond's price which is including all the interests which has been added up since the most recent payment of the coupon.

Price quote of a bond: The price quote of a bond is referred to bond's clean price as it does not affects or reflects on all the interests which have been calculated for the bond since of its most recent coupon payment.

Bonds gets always quotes in terms of clean price but the financial investos always pay them in terms of Dirty price until the bond has to be purchased on the given date of coupon's payment.

7 0
3 years ago
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