Question: First, on the first step tab match the given account numbers and account names. Use the chart of accounts from the Module 3 powerpoint slide
First, on the "first step" tab match the given account numbers and account names. Use the chart of accounts from the Module 3 powerpoint slide 25 right side of the screen (wording about Deltek, etc.) as a general guide to help with labeling accounts, although there will be some accounts that are unique to Good Bidding. This is a common way of organizing accounts. Remember to sort accounts by pool and separate out the unallowable expenses. You will use exactly the number of accounts in each pool as there are rows for within the border; for example, there are exactly 9 fringe expenses for the fringe pool and exactly 10 expenses in the fringe base.
Second, once you have your accounts organized and labeled below, using the expenses reported on the income statement for Good Bidding, Inc. (amounts listed below beside the account name),create pools and bases on the additional tabs. Use formulas in the indirect rate worksheet tabs tocalculate indirect rates - must link cells and use formulas. You must include the following pools (no more and no fewer): fringe, facilities service center, overhead (contractor site), overhead (customer site), material handling, and G&A. On the pool tabs, to link the accounts and amount, use an equal sign and then select the account information below. Unallowables will not be entered in the pools or bases for this problem. Once you have all your rates calculated as a percentage to the nearest hundredth, you will calculate thewrap rate on the final tab. Assumption: For purposes of the Facilities allocation, Total Square Feet in Office = 7,000, allocated as follows: 10% OH - Contractor-Site, 3% OH - Customer-Site, 2% M&H, and 85% G&A.
Account Names and Amounts from Income Statement (Keep the account names and dollar amounts together. Hint: Sort the 58 accounts by pool first, sort account numbers in Column D in number order, and then start assigning numbers to account names.) Match each account with the correct account number. They are not correct across at this point! Account Numbers (Use each number once and only once. Hint: Sort the numbers to put them in number order first. Then, assign to account names, using the Chart of Accounts in Unanet as a guide.) Direct Labor - Customer-Site 1,725,892.44 60.02.09 Bank Service Charges 975.00 50.26.01 Contributions 65,000.00 80.03.35 Paid Time Off 141,879.30 60.01.01 Fringe Bonus Expense 42,500.00 90.03.15 Bad Debt Expense 2,399.14 60.01.03 Employer Paid Disability/AD&D Insurance 10,567.43 78.03.02 Direct Consultants 1,200,325.58 82.01.01 Rent Expense 28,452.85 60.02.01 Direct Labor - Contractor-Site 46,476.54 90.03.13 Holiday Pay 27,324.79 50.02.01 Utilities 33,752.45 60.02.02 Property Taxes 5,487.44 72.02.01 Depreciation Expense 10,865.35 60.02.05 Employer Payroll Taxes - FICA/FUTA/SUTA 176,244.50 80.03.41 ODC 2,420.31 84.01.01 B&P Labor - Contractor-Site 15,791.40 60.02.08 Overhead Labor - Contractor-Site 15,230.70 50.01.01 Tuition Reimbursement 5,105.00 80.03.05 OH Travel Expense - Contractor-Site 635.11 60.02.11 General Liability Insurance 3,875.00 70.01.01 Office Supplies 4,549.82 62.01.01 Employer Paid Health and Dental Insurance 34,222.89 80.03.01 OH Business Meals - Contractor-Site 1,735.40 62.01.02 Employer 401(k) Contribution 45,283.99 70.02.01 Overhead Labor - Customer-Site 79,165.77 62.01.03 Lobbying 13,500.00 80.01.01 OH Business Meals - Customer-Site 547.33 90.03.14 M&H Labor 21,400.00 62.01.05 Accounting fees related to M&H 4,250.00 70.03.03 Dues and Subscriptions - Contractor-Site 650.00 50.28.01 G&A Labor 140,325.11 62.01.06 OH Travel Expense - Customer-Site 1,212.68 78.01.01 Unallowable Legal Fees 5,400.00 62.01.10 G&A Travel 6,250.55 72.03.03 Outsourced purchasing support 3,300.00 62.01.12 Direct Travel 175,511.23 50.22.01 Worker's Comp Insurance 6,543.21 70.03.02 G&A Misc. Expense 500.00 72.01.01 Telephone Expense 8,900.27 90.03.12 Professional Fees 4,800.50 80.03.39 Dues and Subscriptions - Customer-Site 425.00 72.03.02 Entertainment 9,841.11 78.03.01 IR&D Labor - Contractor-Site 1,523.79 80.02.01 Dues and Subscriptions (Accounting and HR) 475.00 90.03.06 Training (Administrative Assistant) 1,500.00 80.03.04 Employee Morale 22,679.42 50.24.01 G&A Meals 1,268.24 90.03.08 B&P Labor - Customer-Site 2,149.22 80.03.10 Fines & Penalties 90.00 60.02.06 Direct Materials 255,525.51 80.03.37 Continuing Education (Accounting and HR) 5,990.00 50.30.01 Repairs and Maintenance 5,502.67 80.03.38 IT Outsourcing 2,325.18 90.03.03 IR&D Labor - Customer-Site - 80.03.40 Business Licenses and Permits 13,215.87 82.02.01 Direct Subcontractor Labor 1,326,729.40 84.02.01 Advertising 14,540.00 90.03.01
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