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3 years ago

When should an Accountant user use the Write Off tool in QuickBooks Online?

Business

1 answer:

givi [52]3 years ago

7 0

Answer:

A. When a client has outstanding invoices that will not be paid

Explanation:

QuickBooks is an accounting application that was developed by Intuit. It is aimed at providing easy to understand accounting services to small and medium scale business owners.

The write off function on QuickBooks is used to reduce or cancel the amount on unpaid receivables, unpaid loans, or losses such as on stored inventory.

When a write off is done it reduces the amount in an asset account while simultaneously debiting a liability account.

So when a client has outstanding invoices that will not be paid, they can be written off

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Many people have argued that the skills needed to be successful in today's workforce have changed. What skills do you feel an in

inysia [295]

<h2>Technical skills are really essential. But upon technical skill, soft skills are mandatory to have a successful career.</h2>

Explanation:

Communication: The most important to covey from low level to high level and vice-versa.

Leadership skill: The see the growth visibly. An essential skill for both employer and employee.

Crisis management: Employee should possess this skill to handle challenging situation

Negotiation: Which is really important both for work life and personal life. This is required in all the levels of hierarchy.

Collaboration: Required to work as a team

Problem-solving: The skill which would be tested in various interviews in all the levels.

5 0

4 years ago

ou want to buy a new sports coupe for $81,500, and the finance office at the dealership has quoted you an APR of 6.3 percent for

Natasha_Volkova [10]

Answer:

a. The monthly payment will be <u>$1,664.91</u>.

b. The effective annual rate on this loan is 6.49%.

Explanation:

a. What will your monthly payments be? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

This is calculated by using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or price of new sports coupe = $81,500

P = Monthly payment = ?

r = Monthly interest rate = Annual percentage rate (APR) = 6.3% / 12 = 0.063 / 12 = 0.00525

n = number of months = 60

Substitute the values into equation (1) and solve for P as follows:

85,500 = P * ((1 - (1 / (1 + 0.00525))^60) / 0.00525)

85,500 = P * 51.3541976210894

P = 85,500 / 51.3541976210894

P = $1,664.91

Therefore, the monthly payment will be <u>$1,664.91</u>.

b. What is the effective annual rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual rate (EAR) refers to the interest rate that is received by an investor in a year after adjusting for compounding.

Since the APR in the question is paid monthly, it implies that it is compounded monthly and the EAR can be computed using the following formula:

EAR = ((1 + (APR / n))^n) - 1 .............................(1)

Where;

APR = 6.3% = 0.063

n = Number of compounding periods or months in a year = 12 months

Substituting the values into equation (1), we have:

EAR = ((1 + (0.063 / 12))^12) - 1

EAR = 1.06485133891298 - 1

EAR = 0.06485133891298

EAR = 6.485133891298%

EAR = 6.49% rounded to 2 decimal places

Therefore, the effective annual rate on this loan is 6.49%.

8 0

3 years ago

Although the number of people employed in manufacturing in the united states has decreased since 1950, each person is now produc

gogolik [260]

The statement mentioned above regarding manufacturing in the United States is true.

<h3>What is manufacturing?</h3>

Manufacturing refers to the changing or conversion of the raw material into finished products and deliver it to the customers directly or indirectly. The manufacture of the products in order to maximize their profits and satisfy the needs of the customers.

More young individuals entering the industrial industry could have a significant impact on the manufacturing growth in the United States. Young people use their creativity and knowledge to increase the production.

The number of people has increased in manufacturing sectors. Therefore, it can be concluded that the statement mentioned above is true.

Learn more about manufacturing here:

brainly.com/question/13740503

#SPJ4

5 0

2 years ago

Assume you are going to lunch and have a choice of two meals. The first meal would give an increase in marginal utility of 100 w

pantera1 [17]

Answer:

C) Third

Explanation:

The first meal gives you 4 units of utility for every dollar spent (= 100 utility / $25).

The second meal gives you 5 units of utility for every dollar spent (= 10 utility / $2).

The third meal gives you 10 units of utility for every dollar spent (= 50 / $5). We should choose the meal that provides us with the greatest utility per dollar.

3 0

3 years ago

Read 2 more answers

Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months

Katen [24]

Answer:

Please see the attached Snapshot for a schedule showing service revenue receivable and below are the journal entries for the year 2013, 2014 and 2015 on Income Taxes.

Explanation:

1. 2013 Journal Entry

Alsup Consulting

Dated: December 31, 2013

Debit: Tax Expense $134,000

Debit: Deferred Tax Liability $4,000

Credit: Income Tax Payable $138,000

<em>To record Income Tax Payable.</em>

2. 2014 Journal Entry

Alsup Consulting

Dated: December 31, 2014

Debit: Tax Expense $108,000

Credit: Income Tax Payable $100,000

Credit: Deferred Tax Liability $8,000

<em>To record Income Tax Payable.</em>

3. 2015 Journal Entry

Alsup Consulting

Dated: December 31, 2015

Debit: Tax Expense $114,000

Debit: Deferred Tax Liability $10,000

Credit: Income Tax Payable $124,000

<em>To record Income Tax Payable.</em>

3 0

3 years ago