**This assignment must be completed in Quick Books and EXPORT ONLY WHAT IS ASKED to EXCEL when it tells you to do so** QuickBooks 2015 Comprehensive Exam 2Part I Set up a new company in QuickBooks using the following information. On January 1, 2021, you establish a retail store that specializes in flower arrangements and floral services. Company Name Catheryn Norvell Comp Exam 2 Legal Name Catheryn Norvell Comp Exam 2 Federal Tax ID 12-1234567 Address 222 Main St City State Sanderson, CA Phone 415-258-1356 Zip 94355 Industry Retail Shop or Online Commerce Company Type S Corporation What do you sell? Both products and services Estimates Yes Billing Statements Yes Progressive Invoicing Yes Track Time Also Track Sales Orders/Inventory/Bills Yes Fiscal year starts January 1, 2021 Checking Account Catheryn Norvell Comp Exam 2 Checking Setup Customers and vendors using the following information. Vendor Name/ Company Name Flowersbyweb Address 19 Web Lane Bayshore, CA 94326 Contact Herman Telephone 415-555-4567 Terms Net 30 Vendor Name/ Company Name Baskets Galore Address 444 Weavers Avenue Bayshore, CA 94326 Contact Hope Telephone 415-555-8901 Terms Net 30 Vendor Name/ Company Name EZ Rental Address 14 Appleton Blvd. Bayshore, CA 94326 Contact Robert Telephone 415-555-4590 Terms Net 30 Customer Name/ Company Name St Luke’s Church Address 330 Third St Bayshore, CA 94326 Telephone 415-555-1234 Terms Net 30 Tax Non Customer Name/ Company Name MISSY BENSON Address 923 Maple Lane Bayshore, CA 94326 Telephone 415-555-4321 Terms Net 30 Tax Tax Customer Name/ Company Name Ellen Johnson Address 9012 Olive Blvd Bayshore, CA 94326 Telephone 415-555-0987 Terms Net 30 Tax Tax Add the following information to the Item List. All are taxable. Item Type Inventory Part Item Name/Description Basic Floral Kit Income Account Merchandise Sales Quantity on Hand 0 Cost $20 Sale $50 Item Type Inventory Part Item Name/Description Deluxe Floral Kit Income Account Merchandise Sales Quantity on Hand 0 Cost $28 Sale $65 Item Type Inventory Part Item Name/Description Roses (per dozen) Income Account Merchandise Sales Quantity on Hand 0 Cost $10 Sale $35 Item Type Service Item Name/Description Floral Design Income Account 48600 – Service Sales (add acct if necessary) Item Type Service Item Name/Description Wedding Designs Subitem of Floral Designs Income Account 48600 – Service Sales Rate $25 Tax Tax Item Type Service Item Name/Description Funeral Designs Subitem of Floral Designs Income Account 48600 -Service Sales Rate $20 Tax Tax State tax rate is 7.75%. The tax agency is California State Board of Equalization After displaying account numbers, modify or add the following accounts, including the appropriate tax line, to the chart of accounts for the new QuickBooks company. 10100 Catheryn Norvell Comp Exam 2 Checking Tax line: B/S Assets: Cash Opening balance: $0 As of 1/1/2021 14400 Industrial Refrigerator B/S-Assets: Buildings/oth. depr. Assets 14500 Industrial Refrigerator Cost (Subaccount of Industrial Refrigerator) B/S-Assets: Buildings/oth. depr. Assets Opening balance: $5,000 as of 1/01/2021 14600 Acc Depr-Industrial Refrigerator (Subaccount of Industrial Refrigerator) B/S-Assets: Buildings/oth. depr. Assets Opening balance:$ 0 as of 1/01/2021 You decide to hire someone (Beth Kochan) to help run the store. Configure QuickBooks for the processing of payroll manually. Enter payroll information for Beth Kochan Compensation type Hourly Your company does not provide Insurance benefits Retirement benefits Paid time off Employee Beth Kochan Address 555 Wayside Dr Bayshore, CA 94326 SSN 987-65-4321 Telephone 415-555-5827 Hired Date 1/2/2021 Pay Period Bi-monthly (on 15th and 31st) Hourly rate $10.00 State tax CA –California (only) Federal and State Filing Status Single Federal and State Allowance 1 Wage Plan Code S (State Plan for Both UI and DI) CA Disability Employee Rate 1.0% CA-Employment Training Tax 0.1% CA Unemployment 1.5% Form 940 and Form 941 payment schedule Quarterly CA withholding and disability insurance payment schedule/CA UI and Employment Training Tax Payee EDD CA Employment Development Dept Employer Acct. No. 999-9999-9 Payment frequency Quarterly Hint for problem Only withhold FIT/FICA/SIT from Beth’s check QuickBooks 2015 Comprehensive Exam 2 Part II Record the following transactions in QuickBooks for the new company Reminder: Print your company name on all checks. Assume the following rates for payroll withholdings. Federal income tax 10.00% Social security (employee and company) 6.20% Medicare (employee and company) 1.45% State (CA) income tax 5.00% Date Transaction 01/01/2021 You invest $6,000 (check number 101) in the business. Took out a bank loan for $12,000. This will be repaid within 1 year. (account number 26100 Note Payable-Bank) Received the bill and paid one month’s rental ($250) to EZ Rental. Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Baskets Galore. 01/03/2021 Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on 01/01/2021 from Baskets Galore 01/06/2021 Ordered 5 dozen roses from Flowersbyweb. 01/07/2021 Provided an estimate of 12 Wedding Design Arrangements for Missy Benson 01/07/2021 Received bill from Baskets Galore for 01/01/2021 order. Received order in full from Flowersbyweb and also received invoice. 01/9/2021 Sold 1 Funeral Design Arrangement to St Luke’s on account. 01/10/2021 Awarded job from Missy Benson. 01/13/2021 Sent Missy Benson invoice for completing half of the job. 01/13/2021 Paid Baskets Galore in full for merchandise ordered on 01/01/2021. Paid Flowersbyweb for goods ordered on 01/06/2021. 01/14/2021 Received payment from St Luke’s (check no. 350) and deposited the funds. 01/15/2021 Received payment from Missy Benson for job above (check no. 1015) and deposited funds. Paid Beth for this pay period. For this pay period Beth worked 20 hours. 01/20/2021 Went to Office Depot for office supplies – wrote $35 check from business account to cover it. 01/21/2021 Sent Missy Benson invoice for completing the job. 01/22/2021 Sent reminder statements to outstanding customer accounts. 01/28/2021 Received payment from Missy Benson for completing job (check no. 1022) and deposited funds. 01/30/2021 01/31/2021 01/31/2021 Sold 1 dozen roses to Ellen Johnson (cash sale). Paid Beth for this pay period: 15 hours. Sold 25 Wedding Designs and 3 dozen Roses to St Luke’s Church for cash and deposited these funds along with all undeposited funds. Comprehensive Exam 2 wPage Name:_____________________ QuickBooks 2015 Comprehensive Exam 2 Part III 1. Run the payroll summary report as of 01/31/2021. Export to Excel 2. Run the Unadjusted Trial Balance at January 31, 2021.Export to Excel 3. Make the following adjusting entry: Industrial Refrigerator depreciation expense is $75 per monthExport the following reports using QuickBooksJournal from January 1, 2021 to January 31,
2021. Adjusted Trial Balance at January 31, 2021 Profit and Loss, standard, from January 1, 2021
to January 31, 2021. Balance Sheet, standard, at January 31, 2021.
Statement of Cash Flows for January 1, 2021 to
January 31, 2021. Customer Balance Detail for January 1, 2021 to
January 31, 2021 Chart of accounts Vendor Balance Detail Create and convert to Excel a Profit and Loss Budget
for 2021 based on the following information. a.
January projected merchandise sales: $400
Monthly expected sales increase: 3% (compounding) c.
Monthly rent increase: 1% (compounding, January’s rent
Reminder: Save using the filename: Catheryn Norvell Comp Exam 2 Submit the following for grading:
o An excel workbook
labeled with your name with the above reports.