SAGE $50$ PROJECT

THE FANZI R$.$ COMPANY

Fanzi R$.$ opened the FanziCo on January $2,2022$ specialized in sale of $3$ sporting goods: Product P$1,$ Product P$2$ and Product P$3$

During the $1$st month of operations, the business completed the following transactions.

January $2$: Fanzi R invested $ $100000$ in his new business, deposited in a Bank of Montreal $($BMO$)$ chequing account

January $2$: Paid cash from BMO Account $ $12000,$ before taxes, for the rent of the upcoming year

Januar $3$: Purchased from Francis Co$,100$ products P$1$ at a price of $ $50$ per unit and $200$ products P$2$ at a price of $$20$ per unit and $300$ P$3$ at $$10$ per unit $($prices are before taxes$)$ Sales terms: $2/10,$ n$/30$

January $5$: Purchased from Vendor Selim Inc $150$ P$2$ at a price of $ $18$ per unit,before taxes. Terms: $1/10,$ n$/30.$

January $7$: Purchased $2$ computers for $$3\mathrm{.}000,$taxes included, paid by Visa credit card. $($sales taxes on capital assets are not recoverable$)$

January $8$: Purchased office supplies for $$500$ before taxes, paid by visa card.

January $9$: sold $10$ P$1$ at $$100$ before tax, paid by Mastercard.

January $10$: Sold to Lili Inc $50$ P$1$ at a sales price of $ $80$ before taxes and $100$ P$2$ at a price of $$40$ before taxes per unit. Terms $1/10,$ n$/30$

January $10$: sold to Sissi Ltd $20$ P$1$ at $$90$ per unit before taxes and $50$ P$3$ at $$20$ per unit before taxes$$ terms: $2/10,$ n$/30$

January $10$: Paid the full amount owed to Vendor Selim Inc., from BMO Account

January $15$: Received $ $5000$ in partial payment of the January $10$th sale. Discount taken : $$50$

January $20$: The business received a bill for advertising to be paid in February: $$1\mathrm{.}000$ beforeog taxes

January $25$: purchased a land for future office for $$100\mathrm{.}000,$ $$10\mathrm{.}000$ paid cash from BMO account and the remaining amount by a bank loan $($assume no sales taxes$)$

January $31$: The owner withdrew $ $5000,$ for his personal use from BMO Account

REQUIRED$$:

Create the company in Sage:

Name$$: The FanziCo

Address: $2000,$ Ste Catherine $,$ Montreal $1$H$11$H$1$

Dates$$:

Start$$: $01/01/2022$

Earlier transaction$$: $01/01/2022$

End : $12/31/2022$

List of accounts$$:

Option: let Sage create a list

Ownership structure: Sole proprietor

Company$$s activity: Sporting goods

Setting of the company$$:

Credit cards used$$: visa, liabilitie account: visa payable

Credit cards accepted$$:

Mastercard: currency CAD, asset account : Mastercard receivable

Discount: $2\%,$ expense account: MasterCard commissions

Setting of accounts$$: modify the following accounts$$:

$1060$: Chequing Bank Account becomes$$: BMO Chequing account

$3010$: becomes $3010$: Fanzi R$.,$ capital

$3015$ becomes $3015$: Fanzi R$.$ withdrawals

$1520$: Inventory A becomes $1520$: Inventory of P$1$

$1530$: Inventory B becomes $1530$: Inventory of P$2$

$1540$: Inventory C becomes $1540$: Inventory of P$3$

$2115$: Import duties becomes $2115$: Other accounts payable

$4020$: sale of A becomes $4020$: Sale of P$1$

$4030$: sale of B becomes $4030$: Sales of P$2$

$4040$: sale of C becomes $4040$: Sales of P$3$

$5020$: COGS of inventory A becomes $5020$: Cost of P$1$

$5030$: COGS of inventory B becomes $5030$: Cost of P$2$

$5040$: COGS of inventory C becomes $5040$: Cost of P$3$

Setting of vendors$$:

Name: Francis Co; terms$$: $3/10$; n$/30,$ Taxes code : GQ

Name: Selim Inc, terms$$: $2/10$; n$/30$; Taxes code : GQ

Setting of customer$$:

Name$$: Lili Inc, Terms$$: $1/10,$ n$/30$; Taxes code : GQ

Name: Sissi ltd$,$ Terms: $2/10,$ n$/40$; Taxes code : GQ

Setting inventory: set up inventory numbers with their asset, sale and cost of goods sold accounts

Items number:

Product P$1$ : P$1001$

Product P$2$ : P$1002$

Product P$3$ : P$1003$

The business uses the FIFO method.

Record the January transactions using the appropriate module.

Edit$$:

The journal of all January transactions

The trial balance on January $31$

The income statement for January $2022$

The balance sheet at January $31,2022$

Submit via Lea, in compressed File with your name:

$$ The journal of all January transactions

$$ The trial balance at January $31,2022$

$$ The income statement for January $2022$

$$ The balance sheet at January $31,2022$

$$ Give answer to the following questions:

What$$s the balance of the BMO Account on January $31$

What$$s the balance of the Accounts Receivable at the same date.

What$$s the amount still owed to supplier Francis Co on January $31?$

What are the quantities of P$1,$ P$2$ and P$3$ still on hand on January $31?$

What$$s the net income$/$net loss of the month.