You have been hired by Rain Cross Auto Detail to manage their accounting operations. The first thing you will need to do is to create their accounting operations in QuickBooks Online. You will use the information from Chapter 13 to complete this project. Part I:
Create the new Rain Cross company in QuickBooks online using the information provided in Chapter 13 and submit the reports listed as Deliverable I for grading.
Part II:
Record the transactions for Week 1, 2, 3, and 4 using the information provided in Chapter 13 and submit the reports listed as Deliverable II for grading.
Part III:
Record the transactions for Week 5 using the information provided in Chapter 13 and submit the reports listed as Deliverable III for grading.
Part IV:
Write a two to three (2-3) page memo in which you summarize the firm’s financial position, based on the information you provided in Part III. As part of your analysis, include information that discusses the firm’s liquidity and profitability by performing ratio analyses such as (a) current ratio; (b) quick ratio; and (c) profit margin.
The memo will be submitted electronically as a Microsoft Word document with SWS formatting.