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:   COMPANY PAYABLES RECEIVABLES INVENTORY & SERVICES (Services items) EMPLOYEES & PAYROLL        Table of Contents     Part 1: Download the database file   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.   Part 2: Open the file Company database file    Open the company file using Sage 50 2018.0 Security    Select the session date as of Jan 01, 2023 date. Part 3: Company Background   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.  ? 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. ? Medical is not deducted on vacation pay payments. ? Employee payroll details should be kept for two years. ? All employees are paid bi-weekly. ? Vacation pay is retained for hourly employees. ? 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       Part 4: Finish the payroll setup Payroll has been setup, but you are yet to add one more employee before finalizing the payroll setup   Create employee profile for Joe Brazas based on the information provided above.   Activate the payroll module to ready mode by click on history tab -> payroll.  Part 5: Record the following transactions:   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.               Invoice – Jan 2023               Comment – “Cheque dropped by your first and last name on Jan 02”                 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.   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           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.   Jan 20   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.   Jan 20   Issued cheque to pay Supplies Canada Inc. for invoice #54823 and #59442 in full.   Jan 27    Received cheque #5689 from Computers R Us to pay invoice #3211 in full.   Jan 27   Received cheque #1256 from Your Name Software Inc. to pay for invoice less the credit adjustment.   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. Pay Period End date Name Regular Hours Overti me Hours Salary Hours Advance Repaid   Jan 27 Michael Pembry     80       Jim Collins 80           Mary Watson 80 6   20.00     Joe Brazas 80 3                 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.       Jan 31   Received bank statement dated January 28. Bank charges of $63.00 have not been recorded by our firm.      Jan 31   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.      Jan 31  Set up a $880.00 payroll accrual based on calculations provided by Mr. Pembry.                   Source: type “MEMO – XXX” where XXX is last three digit of student number                    Comment – Type “Prepared by your first name” first name will be your actual name.                            Part 6: Printing and exporting the reports:    All reports must be saved as a PDF, no word or excel files will be accepted for marking.    Report 1: Export the Trial Balance as of Jan 31, 2023. Save it as “R1_TB_your_name”   Report 2: Export All Journal Entries (NO Corrections) Jan 01 to Jan 31. Save it as “R2_JE_your_name”   Report 3: Export the Employee Summary report for all employees as of at January 31. Check mark to show all employees, include inactive employees and check the show income/deduction that has YTD amount. Save it as “R3_Employee_summary_your_name”   Report 4: Export the Cheque Log from Jan 01 to Jan 31. Save the report as “R4_Cheque_Log_your_name”   Part 7: Save the backup file: Save the backup file on your desktop Go to file -> click on backup -> File name: “FinalExam_Security_Yourname” Location – Save the file on desktop Part 8: Upload the files on blackboard Go to final exam on blackboard, click on final exam Drop box.   Scroll down to Submission, click on brose my computer    Locate the files saved under Part 6 and 7 “R1_TB_your_name” (PDF) “R2_JE_your_name” (PDF) “R3_Employee_summary_your_name” (PDF) “R4_Cheque_Log_your_name” (PDF) “FinalExam_Security_Yourname” (company datafile backup .CEB)   And then click Submit.