First trial balance

Providing information about the company

As you return to your desk from your lunch break, you meet Rinaldo who asks you to print the latest trial balance, aged receivables and aged payables report immediately. He wants to know the current state of the company's accounts because he has to meet prospective investors soon. Rinaldo then tells you that he will ask more questions about your work today after returning from the meeting.

Instructions

1. Use Sage 50 to print the latest trial balance for Intermaweb Computer that does not include accounts with zero balances. Transcribe your answers into the trial balance provided below.
2. Use Sage 50 to print the current aged receivables report for Intermaweb Computer as of May 7, 2017. Transcribe your answers into the aged receivables report below. If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers.
3. Use Sage 50 to print the current aged payables report for Intermaweb Computer as of May 7, 2017. Transcribe your answers into the aged payables report below. If Sage 50 presents numbers in brackets or as negative numbers, you must enter those numbers as negative numbers.
4. Answer all of the questions about Sage 50 that Rinaldo asks you below.

The trial balance: Early May

The trial balance for Intermaweb Computer as of May 7, 2017 is shown below:

Intermaweb Computer General Ledger Trial Balance As of May 7, 2017

Account ID	Account Description	Debit Amt	Credit Amt
1020	Checking Account
1100	Accounts Receivable
1150	Allowance for Doubtful Account		680
1200	Inventory
1300	Office Supplies
1500	Property and Equipment
1900	Accum. Depreciation - Prop&Eqt		22,477
2000	Accounts Payable
2310	Sales Tax Payable
2330	Federal Payroll Taxes Payable		1,980
2600	Short Term Debt
2700	Long Term Debt-Noncurrent		41,000
3910	Retained Earnings		145,263
3930	Common Stock		55,000
4000	Sales Income
5000	Cost of Goods Sold
6000	Salaries Expense	19,760
6100	Payroll Tax Expense	2,766
6150	Bad Debt Expense	1,391
6400	Utilities Expense	3,472
6450	Office Supplies Expense
6500	Telephone Expense	3,954
6850	Service Charge Expense	38
6900	Purchase Disc-Expense Items	149
7050	Depreciation Expense	22,477
	Total:	54007	266400

Aged receivables

The aged receivables report for Intermaweb Computer as of May 7, 2017 is shown below:

Intermaweb Computer Aged Receivables As of May 7, 2017

Customer	0-30 ($)
Handys Electronics
Radio Hut
Turbo Tech
Report Total	0

Aged payables

The aged payables report for Intermaweb Computer as of May 7, 2017 is shown below:

Intermaweb Computer Aged Payables As of May 7, 2017

Vendor	0-30 ($)
Big Telco
JCN Electrical
Mega Tech
Report Total	0

Questions on Sage 50

(Q=234.F.EMTB.P1.Q2)

After returning from the meeting, Rinaldo asks you to click the Reports & Forms menu, and select Accounts Payable to identify which of the following is not in the list of accounts payable reports in Sage 50:

	Account Reconciliation
	Aged Payables
	Vendor Ledgers
	Vendor Master File List

(Q=234.F.EMTB.P2.Q1)

Rinaldo asks you to identify the reporting date options that can be selected when customizing the general ledger trial balance report in Sage 50. To do this, he asks you to perform the following steps in Sage 50:

1. From the Reports & Forms menu, select General Ledger to open the Select a Report or Form window.
2. In that window, click the General Ledger Trial Balance option to highlight that report selection.
3. Click the Options toolbar button to view the modify report options for the General Ledger Trial Balance report.

In the window that appears after the above steps are performed, select the drop-down options that are available for the Date field:

	All, Range and Today
	End of This Period, End of Last Period and Other
	This Period, This Month and This Year
	Specific Date, Specific Period and Today

(Q=234.F.EMTB.P3.Q1)

Rinaldo then wants to know whether you understand the impact of errors on the trial balance.

If there are errors in the accounts in the general ledger, the trial balance:

	will definitely not balance
	may or may not balance
	can always indicate what these errors are
	will definitely balance

Intermaweb Computer Trial Balance As of 30 April 2017 Account ID Account Description Debit Amt Credit Amt 1020 Checking Account 93,650 1100 Accounts Receivable 33,997 1150 Allowance for Doubtful Account 680 1200 Inventory 109,680 1300 Office Supplies 338 1400 Prepaid Rent 1500 46,000 Property and Equipment Accum. Depreciation - Prop&Eqt 1900 22,477 2000 Accounts Payable 27,837 2310 Sales Tax Payable 11,349 2330 Federal Payroll Taxes Payable 1,980 2390 Interest Payable 2500 Current Portion Long-Term Debt 2600 Short Term Debt 2700 Long Term Debt-Noncurrent 41,000 3910 Retained Earnings 145,263 3930 Common Stock 55,000 114,456 4000 Sales Income 4100 Interest Income 4200 Finance Charge Income 4300 Other Income 4900 Sales Discounts 5000 Cost of Goods Sold 80,119 6000 Salaries Expense 19,760 6100 Payroll Tax Expense 2,766 6150 Bad Debt Expense 1,391 6300 Rent Expense 6400 Utilities Expense 3,472 6450 Office Supplies Expense 2,251 6500 Telephone Expense 3,954 6800 Freight Expense 6850 Service Charge Expense 38 6860 Interest Expense 6900 Purchase Disc-Expense Items 149 7050 Depreciation Expense 22,477