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u Chapter 11, Poblem 11AP In this problem, you will set up the accounting, fixed assets, payroll, inventory, and budgeting data for Schaff Irrigation Co
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Chapter 11, Poblem 11AP 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 FIFC 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 General Ledger Account Titles and Balances Account Nunter Appount Titie Debt Credt 1105 Cash $11,875.00 Apoounts Receivable 1120 low or Uncol. Aocts. 1130 Merchandise Inventcry 1140 upplies-Office $2,425.00 Supplies-Wns $1,895.00 1150 Prepaid Insurance $3,200.00 Equigment-Office $7,155.00 1530 Acorn Dep tq 560Warehoune Equipment 1,650 50 18,05 00 4,516 80 105Accounts Payable 2110 Salaries Payable 2120 Emp Fed. Inc. Tax Pay 2122 Emp. City I Tax Pay. 2140 Unemp. Tas Paya 2150 Health IinsPrem. Pay 216 Dnaln Prom, Pay 1155 Income Summary 4105 614 De Exp- 1 nsurace pense 155 Miscellaneous Expense 618 Ront Expense 6195 Salary Exp Ofce 6225 Udides Expense Vensdors Chapter 11, Poblem 11AP 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 FIFC 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 General Ledger Account Titles and Balances Account Nunter Appount Titie Debt Credt 1105 Cash $11,875.00 Apoounts Receivable 1120 low or Uncol. Aocts. 1130 Merchandise Inventcry 1140 upplies-Office $2,425.00 Supplies-Wns $1,895.00 1150 Prepaid Insurance $3,200.00 Equigment-Office $7,155.00 1530 Acorn Dep tq 560Warehoune Equipment 1,650 50 18,05 00 4,516 80 105Accounts Payable 2110 Salaries Payable 2120 Emp Fed. Inc. Tax Pay 2122 Emp. City I Tax Pay. 2140 Unemp. Tas Paya 2150 Health IinsPrem. Pay 216 Dnaln Prom, Pay 1155 Income Summary 4105 614 De Exp- 1 nsurace pense 155 Miscellaneous Expense 618 Ront Expense 6195 Salary Exp Ofce 6225 Udides Expense VensdorsStep by Step Solution
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