With the following data you will create a company in SAGE 50. You will also find a series of events to add daily entries. Finally, you must produce the financial statements.

Data:

Company Name: Tropical Mart Company, Inc. Type: For-profit corporation Period: 12 months period Method: accrual method Year: 2022

Address May include a fictitious Method to create "Sample Business" Retail company selections

Posting method Real time

First period Select January 2020

Transactions:

January 15 The corporation sells 1,000 shares with an even value of $5 each for $50,000.

January 20 the corporation purchases equipment for $10,000. The depreciation will be in a straight line (Straight Line) to five years with a "salvage value" of $1,000.

January 31 The company pays its first employee payroll for $4,000. For entry purposes, calculate the employer contributions for social security and medicare. Assume $500 in income tax was withheld from employees.

January 31 The company purchases $5,000 worth of items to resell on credit.

Sales Assume the following monthly sales:

$20,000.00 February $30,000.00 March $30,000.00 April $45,000.00 May $25,000.00 June $25,000.00 July $35,000.00 August $30,000.00 September $35,000.00 October $30,000.00 November $30,000.00 December

Make separate entries for each month.

Expenses

Electrical energy: Assume 10% of the sales of each month Water: Assume 2% of sales each month Phone: Assume $100 per month Rent: Assume $3,000 per month

Assume monthly purchases for 30% of sales. Remember that it is first recorded as inventory and when the merchandise is sold it is recognized as "Cost of Goods Sold".

Notes: 1. Remember that sales are cash 2. Payments entail a debit to the corresponding expense and credit to cash