question archive ACCT 152 – Sage 50 Simply Accounting Final Exam Company Name: Security Guards Inc
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ACCT 152 – Sage 50 Simply Accounting
Final Exam
Company Name: Security Guards Inc.
Security Guards Inc. (known as Security GI in all advertising) provides security services to businesses. Security GI is converting from a manual system and employed a business student, during the Christmas break, to set up the company in Sage 50 Accounting using the following modules:
Table of Contents
Download the database file from Blackboard, go to final exam, final exam – database file
“EXAM_SECURITY”, click on the file, it will download the file in zipped format.
You will locate the file and unzip the folder on to your desktop
The data file has been completed, except for the EMPLOYEES & PAYROLL module.
T4 information slips for the year 2022, will be issued from the manual system.
The company plans on using the Sage 50 Accounting system effective January 1, and you have been hired to finish the setup of the EMPLOYEES & PAYROLL module in time to pay all employees on Friday, January 13, 2023.
Security Guards Inc. does NOT print cheques or invoices.
HST is 13%.
You have been provided with the following payroll and other information:
? |
Payroll deductions will be calculated by Sage 50 Accounting. |
? |
Employment Insurance (EI) rate (factor) is 1.4 times. |
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The company is exempt from the Employer Health Tax (EHT). |
? |
WSIB (WCB) rate is 0.41. |
? |
Medical is deducted after tax. |
? |
Medical is deducted from employees as per information provided. |
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Medical is not deducted on vacation pay payments. |
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Employee payroll details should be kept for two years. |
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All employees are paid bi-weekly. |
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Vacation pay is retained for hourly employees. |
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Overtime is paid to hourly employees for any hours over 80 per pay period. |
The following deductions are made for each employee:
Medical $15.00 for each employee (salary and hourly).
You have been hired as of Monday, January 2, 2023, as a self-employed contractor (you submit invoices for your time and are not an employee of Security Guards Inc.) to manage the payroll and assist in other business activities. You will set up the EMPLOYEES & PAYROLL module at January 2, 2023, then enter the January transactions that follow and print required reports for management.
The company has completed the December 31, 2022 year-end, and has provided you with the Sage 50 Accounting data file at January 1, 2023. The January 1, 2023 Trial Balance and Customer and Vendor detail reports are as follows:
Security Guards Inc.
Trial Balance
January 1, 2023
Account # |
Description |
Debit |
Credit |
1100 |
Bank Account |
$ 46,785.95 |
$ - |
1200 |
Accounts Receivable |
12,656.00 |
- |
1210 |
Allowance for Bad Debts |
- |
3,000.00 |
1220 |
Loans Receivable-Payroll |
0.00 |
- |
1380 |
Prepaid Supplies, Insurance, etc. |
2,667.60 |
- |
1510 |
Furniture & Cabinets |
22,800.00 |
- |
1515 |
Accum. Deprec. Furniture & Cabinets |
- |
6,600.00 |
2200 |
Accounts Payable |
- |
2,582.05 |
2205 |
Payroll Accrual |
- |
0.00 |
2210 |
Vacation Pay Payable |
- |
1,870.00 |
2220 |
EI Payable |
- |
691.00 |
2225 |
CPP Payable |
- |
534.00 |
2230 |
Income Tax Payable |
- |
1,875.00 |
2250 |
Medical Plan Payable |
- |
120.00 |
2260 |
WSIB Payable |
- |
285.00 |
2650 |
HST Charged on Sales |
- |
6,108.00 |
2670 |
HST Paid on Purchases |
2,626.95 |
- |
3100 |
Common Stock |
- |
1,000.00 |
3201 |
Retained Earnings |
- |
62,871.45 |
3230 |
Dividends Declared |
- |
0.00 |
4100 |
Revenue - Services |
- |
0.00 |
4110 |
Revenue Adjustments |
- |
0.00 |
5110 |
Wages Expense |
0.00 |
- |
5120 |
EI Expense |
0.00 |
- |
5130 |
CPP Expense |
0.00 |
- |
5140 |
WSIB Expense |
0.00 |
- |
5400 |
Rent Expense |
0.00 |
- |
5410 |
Advertising Expense |
0.00 |
- |
5420 |
Bank Charges & Interest Expense |
0.00 |
- |
5430 |
Insurance Expense |
0.00 |
- |
5440 |
Office Supplies Expense |
0.00 |
- |
5450 |
Telephone Expense |
0.00 |
- |
5460 |
Hydro/Water Expense |
0.00 |
- |
5570 |
Truck Expenses - gas, repairs |
0.00 |
- |
5580 |
Truck Lease Expense |
0.00 |
- |
5590 |
Legal Expense |
0.00 |
- |
5600 |
Depreciation Expense - All |
0.00 |
- |
5610 |
Uniforms Expense |
0.00 |
- |
5620 |
Bad Debts Expense |
0.00 |
- |
|
Totals |
87,536.50 |
87,536.50 |
Accounts Receivable details
|
|
Account Payable details
|
|
Inventory Services Details
Service |
SS-1 Security Services Level 1 |
|
$25.00 per hour |
Service |
SS-2 Security Services Level 2 |
|
$50.00 per hour |
The employee details are listed below: (A blank box means not applicable.)
Name |
Michael Pembry |
Jim Collins |
Mary Watson |
Joe Brazas |
Address |
3896 Web Drive, Ajax, ON L1T 3K4 |
67 Crawford Drive, Ajax, ON L1S 3A9 |
67 Greta Street, Oshawa, ON L1G 2P5 |
224 Hallet Ave., Whitby, ON L1N 5K8 |
Phone |
905 619-3075 |
905 758-2058 |
905 712-6385 |
905 684-2525 |
SIN |
403 689 714 |
502 611 551 |
210 383 204 |
705 916 914 |
Date of Birth |
April 14, 1967 |
February 16, 1973 |
September 13, 1985 |
April 28, 1990 |
Hire Date
|
March 6, 2017
|
July 12, 2006
|
June 4, 2013
|
February 10, 2007
|
Tax Table |
Ontario |
Ontario |
Ontario |
Ontario |
Federal Claim Provincial Claim |
11,809 10,354 |
11,809 10,354 |
11,809 10,354 |
11,809 10,354 |
WSIB rate |
Exempt |
0.41 |
0.41 |
0.41 |
EI rate |
1.4 Michael |
1.4 |
1.4 |
1.4 |
|
Pembry |
Jim Collins |
Mary Watson 15 |
Joe Brazas |
Rate per hour |
|
15 |
15 |
|
Hours per period |
|
80 |
80 |
80 |
Overtime per hour |
|
22.50 |
22.50 |
22.50 |
Salary per period |
2,000 |
|
|
|
Salary hours per period |
80 |
|
|
|
Pay periods per year |
26 |
26 |
26 |
26 |
Vacation rate |
|
4% |
4% |
4% |
Vacation Pay Owed |
- |
640 |
810 |
420 |
Medical |
15 |
15 |
15 |
15
|
Payroll has been setup, but you are yet to add one more employee before finalizing the payroll setup
Record the following transaction in appropriate modules, AP, AR, Payroll and GL.
Jan 02 |
Issued next cheque for $900.00 plus HST, rent to LandLord Plus Inc. per rent lease. |
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Invoice – Jan 2023 |
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Comment – “Cheque dropped by your first and last name on Jan 02” |
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Note: this entry must be numbered as J1 and should include your name under comment. Failure to do that will result in negative 50 marks |
Jan 03
|
Issued a $500.00 cheque to Mary Watson for a payroll loan. This amount will be repaid, at the rate of $20.00 each pay, starting with the next pay on January 13. (Note: Record this using the Paycheques icon.) |
Jan 04
|
Received invoice #2589 dated today, from Uniform Supply Company for 1 new uniform $750.00 and cleaning for 4 others at $12.50 each. All items are plus HST. Total invoice is $904.00. Terms 2/10, n30. |
Jan 06
|
Received cheque #1332 from Government Agencies to pay invoice #3202 in full. |
Jan 06
|
Issued invoice for security services (SS-1) 20 Hours plus HST and received cheque #871 from Mr. Earl Begg for security watch on office contents during a building renovation. This customer is not expected to use our services again. |
Jan 10
|
Received Supplies Canada Inc. invoice #59442 for $210.00 plus HST. Terms 2/10, net 30. The various office supplies received are placed in the supply’s cupboard. |
Jan 12
|
Issued cheque to pay Hydro-GTA Company for amount owing in full. |
Jan 13 |
Issued cheque to Uniform Supply Company for invoices #2589 and #2356 in full taking advantage of any discounts available.
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Jan 13
|
Paid the Receiver General – Payroll; the EI, CPP and Income Tax amounts owing at January 1, 2023. |
Jan 13
|
Issued cheque to Receiver General – HST, the HST owing at January 1. |
Jan 13 |
Mr. Pembry received the timecards from the hourly employees and has given you the |
summary below. Issue cheques to the employees dated today.
Pay Period End date |
Name |
Regular Hours |
Overtime Hours |
Salary Hours |
Loan Repaid |
Jan 13 |
Michael Pembry |
|
|
80 |
|
|
Jim Collins |
80 |
7 |
|
|
|
Mary Watson |
80 |
7 |
|
20.00 |
|
Joe Brazas |
80 |
6 |
|
|
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Jan 18
|
Invoiced a new customer, Your Name Software Inc. (any address information, terms net 30, credit limit $5,000.00) for services SS-1 (112 hours) and SS-2 (4 hours) Total $3,000.00 plus HST. |
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Jan 20
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The owner of Your Name Software Inc. called to complain about one of the guards, as there had been a verbal confrontation with a staff member. In order to keep their business, it was agreed that the guard would apologize and a credit memo CM685 would be issued in the amount of $200.00 plus HST. Charge the adjustment to the Revenue Adjustment account. |
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Jan 20
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Issued cheque to pay Supplies Canada Inc. for invoice #54823 and #59442 in full. |
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Jan 27
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Received cheque #5689 from Computers R Us to pay invoice #3211 in full. |
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Jan 27
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Received cheque #1256 from Your Name Software Inc. to pay for invoice less the credit adjustment. |
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Jan 27
|
Mr. Pembry received the timecards from the hourly employees and has given you the summary below. Issue cheques to the employees dated today. |
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Pay Period End date |
Name |
Regular Hours |
Overti me Hours |
Salary Hours |
Advance Repaid |
|
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Jan 27 |
Michael Pembry |
|
|
80 |
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Jim Collins |
80 |
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Mary Watson |
80 |
6 |
|
20.00 |
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Joe Brazas |
80 |
3 |
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Jan 27 |
After receiving his cheque above, Jim Collins is now on holidays for 2 weeks. Issue a separate cheque for vacation pay owing to Jim. Change Jim's status to Inactive.
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Jan 31
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Received bank statement dated January 28. Bank charges of $63.00 have not been recorded by our firm. |
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Jan 31
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Issued cheque for accounting services to Kermit Larson for invoice #589 for $600.00 plus HST. Add a new general ledger "G" type account "Outside Services" in the Expense section. |
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Jan 31 |
Set up a $880.00 payroll accrual based on calculations provided by Mr. Pembry. |
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Source: type “MEMO – XXX” where XXX is last three digit of student number |
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Comment – Type “Prepared by your first name” first name will be your actual name. |
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All reports must be saved as a PDF, no word or excel files will be accepted for marking.
“R2_JE_your_name”
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