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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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In November 2016, General Motors produced a car that was delivered to a local dealership in December 2016. The auto was sold to

horsena [70]

Answer:

It will be counted as investment in 2016 and negative investment in 2017.

Explanation:

National income refers to the total value of a country's final output of all new goods and services produced in one year. There are various ways of measuring national income, e.g. GDP, GNP, etc

Therefore, following national income accounting practices, the car would be counted as part of the investments and GDP of 2016, and negative investment in 2017, because that was the year in which it was produced.

4 0

3 years ago

If the cost of goods sold is more than the cost of goods manufactured, then

ivann1987 [24]

Answer:

C. Finished Goods Inventory has decreased.

Explanation:

Cost of goods manufactured (COGM) increases when finished goods inventory is <em>produced</em>, while cost of goods sold (COGS) increases when finished goods inventory is <em>sold</em>. If COGS has been increasing faster than COGM has been increasing, the company has been selling more goods than it has been producing. Therefore, it must have sold goods from its surplus of finished goods inventory. Thus, finished goods inventory has decreased.

8 0

3 years ago

Marin Industries had one patent recorded on its books as of January 1, 2020. This patent had a book value of $201,600 and a rema

konstantin123 [22]

Answer:

The patent should be reported at $302,400 on the December 31, 2020, balance sheet.

Explanation:

Remaining useful life in month of patent on January 1, 2020 = 8 * 12 = 96 months

Remaining useful life in month of patent on December 1, 2020 = 96 - 11 = 85 months

Amortization of book value of patent in 2020 = (Patent Book value / Remaining useful life in month of patent on January 1, 2020) * 12 = ($201,600 / 96) * 12 = $25,200

Amortization of legal cost in 2020 = (Legal cost / Remaining useful life in month of patent on December 1,, 2020) * 1 = ($127,500 / 85) * 1 = $1,500

Carrying amount of patent = Patent Book value + Legal cost = $201,600 + $127,500 = $329,100

Patent book value on December 31, 2020 = Carrying amount of patent - Amortization of book value of patent in 2020 - Amortization of legal cost in 2020 = $329,100 - $25,200 - $1,500 = $302,400

Therefore, the patent should be reported at $302,400 on the December 31, 2020, balance sheet.

8 0

3 years ago

On its 2017 balance sheet, Walgreens Boot Alliance, Inc., reports treasury stock at cost of $4,934 million. The company has a to

White raven [17]

Answer:

$57.02 Average price per share in treasury Stock

Explanation:

Treasury Stock in dollars 4,934M

$\frac{Treasury \: Stock_{dollars}}{Treasury \: Stock_{shares}} \\Where:\\issued - outstanding = Treasury \: Stock_{shares}$

1,172,513,618 - 1,082,986,591 = 89,527,027 TS in shares

4,934,000,000/89,527,027 = 57.02264565

$57.02 Average price per share in treasury Stock

6 0

3 years ago

Firms A and B plan to collude in an economy for their similar products, which includes the grim strategy for punishment. They p

denis-greek [22]

Answer: C. Firm A reduces the price to $7 causing Firm B to reduce its price to $4.50.

Explanation:

Since firm A is impatient to earn more profits and Firm B wishes to last in the business for the long-run, then Firm A will reduce the price to $7 causing Firm B to reduce its price to $4.50.

Since Firm A reduces the price to $7, this will lead to an increase in the quantity demanded of the product and therefore the firm can earn more profit. On the other hand, firm B will reduce its price to a point where the price meets the marginal cost which is $4.50.

3 0

3 years ago