Create and convert to excel a profit and loss budget

Assignment Help Accounting Basics

Reference no: EM131477199

Part I -

Set up a new company in QuickBooks using the following information. (Reminder: Save your company file to the location specified by your instructor. Use the filename: [your name] Comp Exam 2).

On January 1, 2021, you establish a retail store that specializes in flower arrangements and floral services.

You decide to hire someone (Beth Kochan) to help run the store. Configure QuickBooks for the processing of payroll manually.

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.

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, January's rent $200)

Attachment:- Assignment File.rar

Reference no: EM131477199

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