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Comprehensive Exam 2 Page 1
Name: _____________________
QuickBooks 2015 Comprehensive Exam 2
Part I
1. Set up a new company in QuickBooks using the following information.
On January 1, 2021, you establish a retail store that specializes in flower
arrangements and floral services.
Company Name
Catheryn Norvell Comp Exam 2
Legal Name
Catheryn Norvell Comp Exam 2
Federal Tax ID
12-1234567
Address
222 Main St
City State
Sanderson, CA
Phone
415-258-1356
Zip
94355
Industry
Retail Shop or Online Commerce
Company Type
S Corporation
What do you sell?
Both products and services
Estimates
Yes
Billing Statements
Yes
Progressive Invoicing
Yes
Track Time
Also Track Sales
Orders/Inventory/Bills
Yes
Fiscal year starts
January 1, 2021
Checking Account
Catheryn Norvell Comp Exam 2 Checking
Computer Accounting with QuickBooks 2015
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Comprehensive Exam 2 Page 2
2. Customers and vendors using the following information.
Vendor Name/
Company Name
Address
Flowersbyweb
19 Web Lane
Bayshore, CA 94326
Contact
Herman
Telephone
415-555-4567
Terms
Net 30
Vendor Name/
Company Name
Address
Baskets Galore
444 Weavers Avenue
Bayshore, CA 94326
Contact
Hope
Telephone
415-555-8901
Terms
Net 30
Vendor Name/
Company Name
Address
EZ Rental
14 Appleton Blvd.
Bayshore, CA 94326
Contact
Robert
Telephone
415-555-4590
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Comprehensive Exam 2 Page 3
Terms
Customer Name/
Company Name
Address
Net 30
St Luke’s Church
330 Third St
Bayshore, CA 94326
Telephone
415-555-1234
Terms
Net 30
Tax
Non
Customer Name/
Company Name
MISSY BENSON
Address
923 Maple Lane
Bayshore, CA 94326
Telephone
415-555-4321
Terms
Net 30
Tax
Tax
Customer Name/
Company Name
Ellen Johnson
Address
9012 Olive Blvd
Bayshore, CA 94326
Computer Accounting with QuickBooks 2015
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Comprehensive Exam 2 Page 4
Telephone
415-555-0987
Terms
Net 30
Tax
Tax
3. Add the following information to the Item List. All are taxable.
Item Type
Inventory Part
Item Name/Description
Basic Floral Kit
Income Account
Merchandise Sales
Quantity on Hand
0
Cost
$20
Sale
$50
Item Type
Inventory Part
Item Name/Description
Deluxe Floral Kit
Income Account
Merchandise Sales
Quantity on Hand
0
Cost
$28
Sale
$65
Item Type
Inventory Part
Item Name/Description
Roses (per dozen)
Income Account
Merchandise Sales
Computer Accounting with QuickBooks 2015
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Comprehensive Exam 2 Page 5
Quantity on Hand
0
Cost
$10
Sale
$35
Item Type
Service
Item Name/Description
Floral Design
Income Account
48600 – Service Sales (add acct if
necessary)
Item Type
Service
Item Name/Description
Wedding Designs
Subitem of
Floral Designs
Income Account
48600 – Service Sales
Rate
$25
Tax
Tax
Item Type
Service
Item Name/Description
Funeral Designs
Subitem of
Floral Designs
Income Account
48600 - Service Sales
Rate
$20
Tax
Tax
Computer Accounting with QuickBooks 2015
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the prior written consent of McGraw-Hill Education.
Comprehensive Exam 2 Page 6
4. State tax rate is 7.75%. The tax agency is California State Board of Equalization
5. After displaying account numbers, modify or add the following accounts, including
the appropriate tax line, to the chart of accounts for the new QuickBooks company.
10100
Catheryn Norvell Comp Exam 2
Checking
Opening balance: $0
As of 1/1/2021
Tax line: B/S Assets: Cash
14400
Industrial Refrigerator
14500
Industrial Refrigerator Cost
B/S-Assets: Buildings/oth. depr.
Assets
(Subaccount of Industrial Refrigerator)
B/S-Assets: Buildings/oth. depr.
Assets
Opening balance: $5,000 as of
1/01/2021
14600
Acc Depr-Industrial Refrigerator
(Subaccount of Industrial Refrigerator)
B/S-Assets: Buildings/oth. depr.
Assets
Opening balance:$ 0 as of
1/01/2021
6. You decide to hire someone (Beth Kochan) to help run the store. Configure
QuickBooks for the processing of payroll manually.
7. Enter payroll information for Beth Kochan
Compensation type
Hourly
Your company
does not provide
Insurance benefits
Retirement benefits
Paid time off
Employee
Beth Kochan
Address
555 Wayside Dr
Bayshore, CA 94326
SSN 987-65-4321
Computer Accounting with QuickBooks 2015
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Comprehensive Exam 2 Page 7
Telephone
415-555-5827
Hired Date
1/2/2021
Pay Period
Bi-monthly (on 15th and 31st)
Hourly rate
$10.00
State tax
CA –California (only)
Federal and State
Filing Status
Single
Federal and State
Allowance
1
Wage Plan Code
S (State Plan for Both UI and DI)
CA
Disability
1.0%
Employee Rate
CA-Employment
Training Tax
0.1%
CA Unemployment
1.5%
Form 940 and Form
941 payment
schedule
Quarterly
CA withholding and disability insurance payment schedule/CA UI
and Employment Training Tax
Payee
EDD
CA Employment
Development Dept
Employer Acct. No.
999-9999-9
Payment frequency
Quarterly
Hint for problem
Only withhold FIT/FICA/SIT from Beth’s check
Computer Accounting with QuickBooks 2015
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Comprehensive Exam 2 Page 8
QuickBooks 2015 Comprehensive Exam 2
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.
Federal income tax
10.00%
Social security (employee and
company)
6.20%
Medicare (employee and
company)
1.45%
State (CA) income tax
5.00%
Date
Transaction
01/01/2021
You invest $6,000 (check number 101) in the business.
Took out a bank loan for $12,000. This will be repaid within 1 year.
(account number 26100 Note Payable-Bank)
Received the bill and paid one month’s rental ($250) to EZ Rental.
Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Baskets
Galore.
01/03/2021
Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on
01/01/2021 from Baskets Galore
01/06/2021
Ordered 5 dozen roses from Flowersbyweb.
01/07/2021
01/07/2021
Provided an estimate of 12 Wedding Design Arrangements for Missy
Benson
Received bill from Baskets Galore for 01/01/2021 order.
Received order in full from Flowersbyweb and also received invoice.
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Comprehensive Exam 2 Page 9
01/9/2021
Sold 1 Funeral Design Arrangement to St Luke’s on account.
01/10/2021
Awarded job from Missy Benson.
01/13/2021
Sent Missy Benson invoice for completing half of the job.
01/13/2021
Paid Baskets Galore in full for merchandise ordered on 01/01/2021.
Paid Flowersbyweb for goods ordered on 01/06/2021.
01/14/2021
01/15/2021
Received payment from St Luke’s (check no. 350) and deposited the
funds.
Received payment from Missy Benson for job above (check no. 1015)
and deposited funds.
Paid Beth for this pay period. For this pay period Beth worked 20 hours.
01/20/2021
Went to Office Depot for office supplies – wrote $35 check from business
account to cover it.
01/21/2021
Sent Missy Benson invoice for completing the job.
01/22/2021
Sent reminder statements to outstanding customer accounts.
01/28/2021
01/30/2021
01/31/2021
01/31/2021
Received payment from Missy Benson for completing job (check no.
1022) and deposited funds.
Sold 1 dozen roses to Ellen Johnson (cash sale).
Paid Beth for this pay period: 15 hours.
Sold 25 Wedding Designs and 3 dozen Roses to St Luke’s Church for
cash and deposited these funds along with all undeposited funds.
Computer Accounting with QuickBooks 2015
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the prior written consent of McGraw-Hill Education.
10
Comprehensive Exam 2 Page
Name:_____________________
QuickBooks 2015 Comprehensive Exam 2
Part III
1. Run the payroll summary report as of 01/31/2021. Export to Excel
2. Run the Unadjusted Trial Balance at January 31, 2021. Export to Excel
3. Make the following adjusting entry:
a. Industrial Refrigerator depreciation expense is $75 per month.
Export the following reports using QuickBooks.
Journal from January 1, 2021 to January 31, 2021.
Adjusted Trial Balance at January 31, 2021
Profit and Loss, standard, from January 1, 2021 to January 31, 2021.
Balance Sheet, standard, at January 31, 2021.
Statement of Cash Flows for January 1, 2021 to January 31, 2021.
Customer Balance Detail for January 1, 2021 to January 31, 2021
Chart of accounts
Vendor Balance Detail
4. 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)
Reminder: Save using the filename: Catheryn Norvell Comp Exam 2
Submit the following for grading:
An excel workbook labeled with your name with the above reports.
Computer Accounting with QuickBooks 2015
Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without
the prior written consent of McGraw-Hill Education.