For t he QuickBooks project, complete the steps below in QuickBooks for a new retail shop that sells merchandise and services. Export t he required reports t o Excel or save as pdf t o submit in Canvas for grading. The project may be completed as a group project o f no more than 4 people. As this i s an online course, you will need to figure out how to work together either online or by meeting in person. If you do form a group for this project, only submit one set of reports in Canvas in one of t he group member's Canvas accounts and include an extra attachment listin g all the members of the group. Each group member will receive the same points f or the project a nd all group members must participate. I t i s up to the group t o decide how to divide the work. If y ou form a group, give the group a name t o use wherever the instructions call for [your name] 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 floralservices.Company Name[yourname] Final ExamLegal Name[your name] Final ExamFederal Tax ID12-1234567Address122 Goldenwest StCityStateHuntington Beach, CAPhone714-258-4300Zip92647IndustryRetail Shop or Online CommerceCompany TypeS CorporationWhat do you sell?Both products and servicesEstimatesYesBilling StatementsYesProgressive InvoicingYesTrack TimeYes

Also Track Sales Orders/Inventory/BillsFiscal year startsJanuary 1, 2021Checking Account[YourName] Final Exam CheckingReminder: Save your company file to your computer or USB. Use the filename: [your name]FinalExam2.Add the following CustomersandVendorsusing the following information.Vendor Name/ Company NameQBflowersAddress58Crystal Springs AvenueBayshore, CA 94326ContactRolandTelephone415-555-4567TermsNet 30Vendor Name/ Company NameBasketsnfrillsAddress651 Chile AvenueBayshore, CA 94326ContactJennyTelephone415-555-8901TermsNet 30Vendor Name/ Company NameEZRentalAddress14 Appleton Blvd.Bayshore, CA 94326ContactRobert

Telephone415-555-4590TermsNet 30Customer Name/ Company NameSt Vincent's ChurchAddress100 Main StBayshore, CA 94326Telephone415-555-1234TermsNet 30TaxNonCustomer Name/ Company NameHannahJohnsonAddress329 Country LaneBayshore, CA 94326Telephone415-555-4321TermsNet 30TaxTaxCustomer Name/ CompanyNameEmilyQuinnAddress1009OliveStreetBayshore, CA 94326Telephone415-555-0987TermsNet 30TaxTax

3.Add the following information to the Item List. All items are taxable.Item TypeInventory PartItem Name/DescriptionBasic Floral KitIncomeAccountMerchandise SalesQuantity on Hand0Cost$25Sale$55Item TypeInventory PartItem Name/DescriptionDeluxe Floral KitIncome AccountMerchandise SalesQuantity on Hand0Cost$30Sale$67Item TypeInventory PartItem Name/DescriptionRoses (per dozen)Income AccountMerchandise SalesQuantity on Hand0Cost$15Sale$40

Item TypeServiceItem Name/DescriptionFloral DesignIncome Account48600-Service Sales(add acct if necessary)Item TypeServiceItem Name/DescriptionWedding DesignsSubitem ofFloral DesignsIncome Account48600 -Service SalesRate$30TaxTaxItem TypeServiceItem Name/DescriptionFuneral DesignsSubitem ofFloral DesignsIncome Account48600-Service SalesRate$25TaxTax4.State sale tax rate is 8.5%. The tax agency is California State Board of Equalization

5.Modify or add the following accounts, including the appropriate tax line, to the chart of accounts forthe new QuickBooks company.10100[yourname] Final Exam CheckingTax line: B/S Assets: CashOpening balance: $0 As of 1/1/202114400Industrial RefrigeratorB/S-Assets: Buildings/oth. depr. Assets14500Industrial RefrigeratorCost(Subaccount of Industrial Refrigerator)B/S-Assets: Buildings/oth. depr. Assets Opening balance: $5,000 as of 01/01/2021Monthly depreciation expense: $50 14600Acc Depr-Industrial Refrigerator(Subaccount of Industrial Refrigerator)B/S-Assets: Buildings/oth. depr. Assets Opening balance:$ 0 as of 01/01/20216.You decide to hire an employee(Ruth Porter)to help run the store. Configure QuickBooks for theprocessing payroll manually.7.Enter payroll information for RuthPorterCompensation typeHourlyYour company does not provideInsurance benefitsRetirement benefitsPaid time offEmployeeRuthPorterAddress46 Ocean ShoreBayshore, CA 94326SSN 987-65-4321Telephone415-555-5827Hired Date1/2/2013Pay PeriodBi-monthly (on 15thand 31st)Hourly rate$15.00State taxCA -California (only)

Federal and State Filing StatusSingleFederal and State Allowance 1Wage PlanCodeS (State Plan for Both UI and DI)CA Disability Employee Rate1.0%CA-Employment Training Tax0.1%CA Unemployment1.5%Form 940 and Form 941 payment scheduleQuarterlyCA withholding and disability insurance payment schedule/CA UI and Employment Training TaxPayeeEDDCA Employment Development Dept Employer Acct. No.999-9999-9Payment frequencyQuarterlyHint for problemOnly withhold FIT/FICA/SIT from Ruth's checkReminder: Save your company file. Use the filename: [your name] Exam

8.Record the following transactions in QuickBooks for the new company. DO NOTprint or submitany documents(invoices, checks, deposit slips, timesheets, etc).9.Assume the following rates for payroll withholdings.Federal income tax10.00%Social security (employee and company)6.20%Medicare (employee and company)1.45%State (CA) income tax5.00%DateTransaction01/01/2021You invest $7,000 (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 ($300) to EZ Rental.Ordered 10 Basic Floral Kits and 5 Deluxe Floral Kits from Basketsnfrills. 01/03/2021Received all 10 Basic Floral Kits and all 5 Deluxe Floral Kits ordered on 01/01/2021 from Basketsnfrills 01/06/2021Ordered 5 dozen roses from QBflowers.01/07/2021Provided an estimate of 12 Wedding Design Arrangements for Emily Quinn01/07/2021Received bill from Basketsnfrills for 1/1/21 order. Received order in full from QBflowers and also received invoice.01/9/2021Sold 1Funeral Design Arrangement to St Vincent'son account.01/10/2021Awarded job from EmilyQuinn.01/13/2021Sent EmilyQuinn invoice for completing half of the job.01/13/2021Paid Basketsnfrills in full for merchandise ordered on 1/01/2021. Paid Webflowers for goods ordered on 01/06/2021. 01/14/2021Receivedpayment from St Vincent's(check no. 350) and deposited the funds.

01/15/2021Receivedpayment from EmilyQuinnfor job above (check no. 1015) and deposited funds.PaidRuthfor this pay period.For this pay period Ruthworked 20 hours.01/20/2021Went to Staples for office supplies - wrote $25 check frombusiness account to cover it. 01/21/2021Sent Emily Quinninvoice for completing thejob.01/22/2020Sent reminder statements to outstanding customer accounts.01/28/2021Receivedpayment from EmilyQuinn for completing job (check no. 1022)and deposited funds.01/30/202101/31/202101/31/202101/31/2021Sold 1 dozen roses t o Hannah Johnson (cash sale). Paid Ruth for this pay period: 15 hours. Sold 30 Wedding Designs and 4dozen Roses to St Vincent's Churchfor cash. deposited all undeposited funds. 10. Submit the following reports in Canvas for grading. The reports may be exported to Excelor saved as pdf. If you export to Excel, you must export the report titles to the screen inExcel - all reports must have a report header exported from QuickBooks listing the nameof the company (which will include your name or your group's name), the name of thereport and the date.1.Trial Balance for January 1 - 31, 20212.Adjusted Trial Balance for January 1 - 31, 20213.Journal for January 1 - 31, 20214.Profit & Loss - Standard for January 1 - 31, 20215.Balance Sheet - Standard as of January 31, 2021