Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

requirements: display the employee list, display an inventory list report, display an inventory transaction report. Problem 11-A In this problem, you will set up the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
requirements: display the employee list, display an inventory list report, display an inventory transaction report.
Problem 11-A In this problem, you will set up the accounting, fixed assets, payroll, inventory, and budgeting data for Schaff Irrigation Co. Schaff Irrigation Co. is a merchandising business organized as a sole proprietorship; is not departmentalized; has payroll voluntary deductions for health insurance, dental insurance, and credit union; prepares checks manually; generates the income statement by fiscal period; uses a perpetual inventory system (merchandising business with CGS account); uses the FIFO method to value its inventory; and uses a standard accounting system. The trial balance, schedule of accounts payable, schedule of accounts receivable, budget amounts, fixed assets, employees, and inventory data required to setup the opening balances as of January 1 of the current year are provided as follows: Custorners Cardinal Sprinkler inc. Delia Irrigation Green Lands ape Co. Maxx's Lawn Care: Rain Cloud Sprinkler Co: Webb Lawn Sprinklers: \begin{tabular}{|rr} \hline Budget Amounts & Budget Amount \\ & $620,000.00 \\ $420,000.00 \\ & $2,500.00 \\ $725.00 \\ $9.52,100.00 \\ & $5,250.00 \\ $1,000.00 \\ & $15,000.00 \\ & $25,000.00 \\ & $50,000.00 \\ & $45,000.00 \\ & $5,000.00 \\ & $7,250.00 \\ \hline \end{tabular} $521 Montoe St. bilene, TX 796052100 Note: Because the payroll system is being established on the first day of a new calendar yeary it is not necessary to whokitsi current, quarter-to-date, or year-to-date opening balances data. Inventory Historical Data Problem 11-A In this problem, you will set up the accounting, fixed assets, payroll, inventory, and budgeting data for Schaff Irrigation Co. Schaff Irrigation Co. is a merchandising business organized as a sole proprietorship; is not departmentalized; has payroll voluntary deductions for health insurance, dental insurance, and credit union; prepares checks manually; generates the income statement by fiscal period; uses a perpetual inventory system (merchandising business with CGS account); uses the FIFO method to value its inventory; and uses a standard accounting system. The trial balance, schedule of accounts payable, schedule of accounts receivable, budget amounts, fixed assets, employees, and inventory data required to setup the opening balances as of January 1 of the current year are provided as follows: Custorners Cardinal Sprinkler inc. Delia Irrigation Green Lands ape Co. Maxx's Lawn Care: Rain Cloud Sprinkler Co: Webb Lawn Sprinklers: \begin{tabular}{|rr} \hline Budget Amounts & Budget Amount \\ & $620,000.00 \\ $420,000.00 \\ & $2,500.00 \\ $725.00 \\ $9.52,100.00 \\ & $5,250.00 \\ $1,000.00 \\ & $15,000.00 \\ & $25,000.00 \\ & $50,000.00 \\ & $45,000.00 \\ & $5,000.00 \\ & $7,250.00 \\ \hline \end{tabular} $521 Montoe St. bilene, TX 796052100 Note: Because the payroll system is being established on the first day of a new calendar yeary it is not necessary to whokitsi current, quarter-to-date, or year-to-date opening balances data. Inventory Historical Data

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Healthcare Fraud Auditing And Detection Guide

Authors: Rebecca S. Busch

2nd Edition

978-1118179802

More Books

Students also viewed these Accounting questions

Question

How might a countrys culture be a barrier to global business?

Answered: 1 week ago

Question

The company has fair promotion/advancement policies.

Answered: 1 week ago