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liubo4ka [24]
3 years ago
7

Which statement about journal entries in QuickBooks Online is true?

Business
1 answer:
IgorLugansk [536]3 years ago
7 0

Answer:

C. Your client can’t create an Adjusting Journal Entry.

Explanation:

In QuickBooks Online Accountant you (the accountant) make the adjusting journal entries, not your clients. It is like saying that you operate yourself while your doctor drinks coffee besides your bed.

the other options are wrong:

A. A Journal Entry cannot be used to account for depreciation of an asset.  ⇒ FALSE, QuickBooks doesn't automatically depreciate an asset, the user must do this through journal entries.

B. The Accountant user can’t create an Adjusting Journal Entry in QuickBooks Online.  ⇒ FALSE, when using QuickBooks Online Accountant you can create adjusting entries just like any other regular entry.

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Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally h
den301095 [7]

Answer:

Net income allocated to sally is $112000

Explanation:

Sally invested $200000 and Andy invested $100000, which means Andy's  investment is half of Sally's investment. So he will receive the half of what Sally will get.

Let

Sally's pay be x

Andy's pay be x/2

Total Net income is 168000 dollars.

So, putting it in an equation, we get

(x+x/2)=168000

x(1+0.5)=168000

x(1.5)=168000

x= 168000/1.5

x=112000

So Sally's share will be $112000

Andy's share will be x/2

=112000/2

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3 years ago
A system in which individuals or businesses may buy, sell, and set prices with little government control.
MatroZZZ [7]
I think it's C , Competition
8 0
3 years ago
Read 2 more answers
Charlie's brother, Alexander, also consumes apples (A) and bananas (B). Alexander's utility function happens to be U(A, B) = 5A
Andrei [34K]

Solution :

U(A, B) = 5A + 2B

a). Bundles (40, 5) = U ( _____ , 2), lie on the same indifference curve. Suppose missing numbers is x.

So, U(40, 5) = U(x, 2)

   (40 x 5) + (2 x 5) = 50x + (2 x 2)

     210 - 4  = 5x

       x = 41.2

So Alexander has 40 apples and 5 bananas. The indifference curve though (40, 5) also include bundle.

Therefore, (41.2, 2)

b). $MRS_{BA} = \frac{MU_B}{MU_A}$

                  $=\frac{\delta U/\delta B}{\delta U/\delta A}$

                  $=\frac{2}{5}$

                 = 0.4

So Alexander  has 40 apples and 5 bananas with this bundle. Alexander would like to give up 0.4 unit apples for a banana.

7 0
3 years ago
If a firm is making an economic profit of zero:__________.
kati45 [8]

Answer:

The correct answer is letter "D": the firm should change to a different line of business.

Explanation:

Economic profit is the difference between the revenue a firm earns from sales and the firm's total opportunity costs. It is important to distinguish between accounting profit and economic profit. Accounting profit is total revenue minus the explicit costs of producing goods or services. Economic profit includes the opportunity costs a company losses or gains by choosing a route to pursue revenue. If a firm has an economic profit of zero, it implies the company should start looking for alternative ways to generate income.

6 0
3 years ago
A personal balance sheet reports your income and expenses.
Novay_Z [31]
To answer the question above if a personal balance sheet is a report to your income and expenses. the answer is letter A, True. Balance sheet as a whole is a statement of the assets and liabilities, it details the income and expenditure over a preceding period of time.
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