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 your name Comp Exam 2 Legal Name your name 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 your name Comp Exam 2 Checking 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 Lukes 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 your name 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 15 th and 31 st ) 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 Beths check 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 months 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 Lukes 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 Lukes (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 Sold 1 dozen roses to Ellen Johnson (cash sale) 01 31 2021 Paid Beth for this pay period 15 hours 01 31 2021 Sold 25 Wedding Designs and 3 dozen Roses to St Lukes Church for cash and deposited these funds along with all undeposited funds Part III Complete all tasks below Convert all applicable reports to Excel 1 Run the payroll summary report as of 01 31 2021 2 Run the Unadjusted Trial Balance at January 31, 2021 Convert to Excel and submit 3 Make the following adjusting entry a Industrial Refrigerator depreciation expense is $75 per month 4 Print the following reports using QuickBooks Convert to Excel and Submit to your Instructor a Journal from January 1, 2021 to January 31, 2021 b Adjusted Trial Balance at January 31, 2021 c Profit and Loss, standard, from January 1,2021 to January 31, 2021 d Balance Sheet, standard, at January 31, 2021 e Statement of Cash Flows for January 1, 2021 to January 31, 2021 f Customer Balance Detail for January 1, 2021 to January 31, 2021 g Chart of accounts h Vendor Balance Detail 5 Create and convert to Excel a Profit and Loss Budget for 2021 based on the following information a January projected merchandise sales $400 b Monthly expected sales increase 3 (compounding) c Monthly rent increase 1 (compounding, Januarys rent $200)

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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

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	[your name] Comp Exam 2
Legal Name	[your name] 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	[your name] Comp Exam 2 Checking

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 Lukes 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	[your name] 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 15^th and 31^st)
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 Beths check

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 months 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 Lukes 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 Lukes (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	Sold 1 dozen roses to Ellen Johnson (cash sale).
01/31/2021	Paid Beth for this pay period: 15 hours.
01/31/2021	Sold 25 Wedding Designs and 3 dozen Roses to St Lukes Church for cash and deposited these funds along with all undeposited funds.

Part III
Complete all tasks below. Convert all applicable reports to Excel.
1.	Run the payroll summary report as of 01/31/2021.
2.	Run the Unadjusted Trial Balance at January 31, 2021. Convert to Excel and submit
3.	Make the following adjusting entry:
	a. Industrial Refrigerator depreciation expense is $75 per month.
4.	Print the following reports using QuickBooks. Convert to Excel and Submit to your Instructor:
	a. Journal from January 1, 2021 to January 31, 2021.
	b. Adjusted Trial Balance at January 31, 2021.
	c. Profit and Loss, standard, from January 1,2021 to January 31, 2021.
	d. Balance Sheet, standard, at January 31, 2021.
	e. Statement of Cash Flows for January 1, 2021 to January 31, 2021.
	f. Customer Balance Detail for January 1, 2021 to January 31, 2021.
	g. Chart of accounts.
	h. Vendor Balance Detail
5.	Create and convert to Excel a Profit and Loss Budget for 2021 based on the following information.
	a. January projected merchandise sales: $400
	b. Monthly expected sales increase: 3% (compounding)
	c. Monthly rent increase: 1% (compounding, Januarys rent $200)